Schaeffler in talks over Chinese funding-magazine
FRANKFURT, June 27 (Reuters) - German ball-bearing maker Schaeffler is in talks with Beijing over a stake sale, German magazine WirtschaftsWoche reported on Saturday.
Schaeffler, laden with debt from the takeover of automotive parts supplier Continental AG (CONG.DE: Quote, Profile, Research), was in talks over the stake sale to strengthen its finances in the short term and had offered Beijing access to its know-how and distribution channels, the magazine said, citing industry sources in Beijing.
"We have always said that we would speak to potential investors," a Schaeffler spokesman was quoted as saying by WirtschaftsWoche.
Nobody at Schaeffler was immediately available to comment.
Last July, Schaeffler launched a hostile $18 billion bid to buy Continental but ended up collecting more shares than it could afford, lumbering it with debt as car sales collapsed.
(Reporting by Ludwig Burger)
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