Continental AG reports that free float shareholders purchased 99.4% of the more than three million shares that the company recently issued.
The remaining shares will now be issued, according to Continental officials. Final delivery will be executed on Jan. 28. With the capital increase, Continental has generated gross proceeds of 1.114 billion euros.
Continental's major shareholders -- Schaeffler KG, M.M. Warburg & Co., and B. Metzler seel Sohn & Co. -- held a total of 88.9% of capital stock before the offering. They "had made a commitment to refrain from exercising their subscription rights for new shares."
"We have now successfully implemented the key elements of our extensive refinancing package," says Continental Executive Board Chairman Dr. Elmar Degenhart.
