March 12, 2018 / 8:37 AM / 10 months ago

Schaeffler family to cede voting rights on some shares in parts maker

FRANKFURT, March 12 (Reuters) - German car parts maker Schaeffler will convert a stake of about 25 percent, which is controlled by the founding family, from shares with voting rights into non-voting shares, it said on Monday.

The supervisory board proposed to the annual shareholder meeting to approve the conversion of 166 million common voting shares, owned by the IHO group of holding companies indirectly owned by the Schaeffler family, into preference shares.

After the conversion, the share capital will be split into 332 million non-voting preference shares and 334 million common voting shares.

IHO has pledged not to sell the new non-voting shares before April 30, 2019, Schaeffler added.

Reporting by Ludwig Burger

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