Reuters unmatched with exclusive on Conti/Schaeffler
03.27.2011
Reuters was unmatched with an exclusive report on Sunday March 27 that highly indebted German ball-bearings maker Schaeffler has struck a major multi-billion euro refinancing plan, that resulted in a spike in the share price of its subsidiary Continental by 4 percent the next day. The story by Frankfurt’s banking team said that Schaeffler will sell some of its indirectly held shares in listed German auto supplier Continental. That will increase Continental’s freefloat and make it a candidate for Germany’s bluechip index Dax. The report was confirmed by the company roughly one hour later. Schaeffler admitted that our report forced them to reveal the plans earlier than originally planned. Reuters clients called Schaeffler to get more details. The story was picked up with Reuters credit in online media, e.g. Financial Times Deutschland online.
