Continental AG reports it has successfully placed 31 million new shares that will generate proceeds of approximately 1.1 billion euros.
Members of a bank syndicate led by Deutsche Bank AG, Goldman Sachs International and J.P. Morgan Securities Ltd. placed 6.45 million new shares on Monday, Jan. 11. The allocation of shares is subject to the exercise of subscription rights by existing free float shareholders.
"We take the view that the exceptionally positive reaction of investors to our capital increase confirm's Continental's good prospects in the future on the basis of an improved financial and capital structue," says Dr. Elmar Degenhart, chairman of Continental's executive board.
