Schaeffler sells Conti shares to Sal. Oppenheim

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Jan 04,2009

Germany's Schaeffler sold shares in Continental (CONG.DE) as planned to Cologne-based lender Sal. Oppenheim, a spokesman for the privately-held bearings maker said on Friday. "We passed on the shares to financial institutions, and they can sell these then to investors," the Schaeffler spokesman said, declining to name the amount of shares in Continental the company sold in total. Earlier on Friday, Continental said in a statement that Sal. Oppenheim informed the company that it crossed disclosure thresholds on December 22 and held 5.5 percent of its votes as of that date. As proscribed under the terms of an investor agreement reached in late August with Continental's management, Schaeffler said it would remain a minority owner in the world's fourth largest auto parts supplier with just 49.99 percent and sell any excess stock tendered by shareholders. Friday is the last day that tendered shares (CONGv.DE) (CONGvb.DE) can still be traded. As of 11:01 a.m. EST, they were going for just over 74 euros -- still below Schaeffler's offer price of 75 euros. The tendered stock traded in the 50s for much of the past three months, allowing Schaeffler to scoop up shares at a far lower price than it bid but still at a substantial premium to the current 30.50 euros non-tendered shares are worth. Sal. Oppenheim declined comment while Continental could not be reached.

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