FRANKFURT, Sept 28 (Reuters) - German ball bearings and automotive parts maker Schaeffler AG has postponed setting a price range for its stock market listing as investors have voiced concern over the Volkswagen scandal and wobbly markets, sources familiar with the matter said.
Schaeffler, which plans to float in Frankfurt on Oct. 5, said last week that it planned to set the IPO price range on Monday as part of an accelerated two-week private placement process.
Schaeffler has now postponed the announcement of the price range until the second half of this week, two people said.
“We lost two days last week as investors were only asking questions on VW,” one of the sources said, adding that volatile markets had not helped in promoting Schaeffler shares.
VW is one of Schaeffler’s largest customers.
“But we never had a rigid time table, the timing can be adjusted to the market environment,” the person added. “Investor demand remains high.”
Schaeffler declined to comment. (Reporting by Arno Schuetze; Editing by Ludwig Burger)