Schaeffler gets Eu12bn debt reprieve, focus shifts to Conti

Schaeffler, the German bearings group, was granted breathing space by its banks this week after the Eu12bn in bridge loans it took on last year to back its ill-fated takeover of tyre maker Continental were extended into two tranches of four and half years and six years. The move, which brings a final merger agreement between the two companies one step closer, is now likely to shift attention back to Continental’s own funding plans, including its looming refinancing needs.