Looking For Bearings?
All Types Of High Quality Bearings. Extensive Inventory, Fast Shipping.Find Exactly What You Want Today!
bearings
Bearing Manufacturer  Products  Bearing Types  Bearing News  

Continental-Schaeffler Merger Timing Not Decided

By Bearing Manufacturer>Bearing News>Continental-Schaeffler Merger Timing Not Decided
©2004-2012

Continental AG, Europe?s second- biggest car-parts maker, said it aims to merge with controlling shareholder Schaeffler Group ?in the medium term? in a way that will assure an investment-grade debt rating.

The companies haven?t decided on the timing of any combination, or on the merged entity?s financial structure, Hanover, Germany-based Continental said in a stock-sale filing.

Schaeffler, which makes ball bearings for the automotive and aerospace industries, controls about 90 percent of Continental after a debt-financed takeover bid in 2008. The companies have been in talks since then concerning a potential merger. Continental?s debt is rated B+ at Standard & Poor?s and Fitch Ratings, four levels below investment grade.

Continental?s supervisory board agreed on Jan. 6 to a 1.1 billion-euro ($1.6 billion) share sale to help refinance 9.5 billion euros of debt stemming from its purchase of Siemens AG?s VDO car-parts unit in 2007. The company agreed with banks in December on a 2.5 billion-euro credit line maturing in 2012. Herzogenaurach, Germany-based Schaeffler separately has 12 billion euros of debt from buying Continental.

Continental also said it won?t pay a dividend on its shares for 2009 and that it isn?t likely to pay a dividend for 2010. It said it may not be able to pay a dividend until August 2012.


F T 
Latest Articles
Abec 5 Skateboard Bearings, Abec-5
Bearings Ceramic
Sealmaster bearing
Bower cylindrical bearing
Abec Bearing 608z, Skateboard Bearings
Small Bearing Suppliers
5/32 inner diameter = 0.156 inch
Small Parts And Bearings
Stainless Steel Skateboard Bearing,
Skateboard Bearing Spacer, Washer
Latest Topic
MR105zz Bearings
6804 2rs Bearings
K35X42X20 Needle Roller And Cage
696 Silicon Carbide Ceramic Hybrid
6916 2rs Bearings
PNA25/47 Aligning Needle Roller Bearings
R515zz
51124M Silicon Carbide Full Ceramic
694 2RS Bearings
601x Bearings
Category

Miniature Bearings
Deep Groove Ball Bearings
Flanged Ball Bearings
Miniature Thrust Bearings
Needle Roller Bearings
Stainless Steel Bearings
Ceramic Bearings
Skateboard Bearings
Dental Bearings
Custom Bearings


Latest Bearings


$index_product_mb$