Schaeffler tender clears up loan leverage question

German ball bearing group Schaeffler now controls 90% of Continental, the tyre maker. This follows the tender offer for Continental closing, with investors tendering 82.4% of their stock, adding to the 7.8% already owned by Schaeffler. It will in time reduce its Eu16.1bn loan, given that it has agreed not to acquire more than 49.99% of Continental and the closing of the tender offer now gives lenders a clearer idea about what Schaeffler’s leverage will be.