FRANKFURT (Reuters) - German auto parts supplier Schaeffler AG SHA.DE has no plans to increase its 46-percent stake in rival Continental AG (CONG.DE) to gain a majority share, the head of the company’s supervisory board told a newspaper on Saturday.
“We are very happy with the 46-percent stake,” Georg Schaeffler was quoted as telling Sueddeutsche Zeitung.
Schaeffler has been working to reduce its debts since attempting to take control of parts and tyre maker Continental in 2008 at the height of the global financial crisis.
During that bid, it borrowed 16 billion euros to buy a 90 percent stake in Continental but the deal had to be partially unwound leaving Schaeffler with a 46 percent stake.
Reporting by Harro ten Wolde; Editing by Helen Popper