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
stainless steel needle bearings
6mm ball bearings
mounted bearings
Ball Bearings Miniature
Zirconia Bearings
precision bearings
Yoke Type Track Rollers
pressed bearings
slot bearings
stainless steel thrust bearing
Latest Topic
R0zz Bearings
NKIS50 Bearings
TWD1423 Axial Bearings Washers
6003 2rs Bearings
NKI80/35 Bearings
GS89313 Housing Locating Washers
R6 2RS Bearings
60/630z Bearings
LR35X40X20,5 Inner Rings
K14X18X15-TV Needle Roller And Cage
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


$index_product_mb$