Germany's Schaeffler Reportedly Considers Multibillion-Euro IPO

Resource from: Realtime Business News Likes:248

Jan 21,2015

The German family, which is one of the biggest single investors in Germany's automotive industry, is considering taking its ball-bearing business public in what could be a multibillion-euro stock offering, the Wall street Journal reported citing people familiar with the matter. Schaeffler AG, the debt-laden engineering group owned by the Schaeffler family, transferred its 34.2% stake in Continental AG (CTTAY.PK) into a separate holding company. In doing so, the Schaeffler family has closed a chapter in a long-running takeover saga. Schaeffler launched a highly leveraged $18 billion takeover bid for Continental in 2008 which almost backfired as stock prices tumbled in the financial crisis, leaving Schaeffler heavily indebted. The transfer of the Continental stake, which has a market value of 13 billion euros, took place late last year. The report noted that the move could facilitate a Schaeffler listing because it untangles the assets owned by the company and may make it easier for investors to value the bearing business. Though Schaeffler's owners--Maria-Elisabeth Schaeffler-Thumann and her son Georg Schaeffler --are yet to give the green light to an initial public offering, floating a minority stake in the business is a likely option. Schaeffler is yet to mandate investment banks to pursue the IPO, the report said.

(Realtime Business News)

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