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Schaeffler Plans Stock Offering to Cut Debt
Family-owned bearings maker Schaeffler Group says it plans an initial public offering on the Frankfurt Stock Exchange later this year to sell as many as 166 million existing and new shares to reduce debt.
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Family-owned bearings maker Schaeffler Group says it plans an initial public offering on the Frankfurt Stock Exchange later this year to sell as many as 166 million existing and new shares to reduce debt.
The IPO of non-voting shares could raise as much as €3 billion in capital for the German company, which continues to struggle with debt incurred from a poorly timed takeover bid for Continental AG in 2008.
The funds would enable the company to accelerate its debt reduction program announced in March, which targeted a €1 billion reduction by the end of 2018. The company's debt at the end of last year was €5.8 billion.
Schaeffler reports its revenue in the first half of 2015 rose 5% to €6.7 billion, and the company expects full-year revenue growth of 4%-5%.
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