Two banks have taken a combined stake of almost 36% in the German supplier auto industry supplier Continental.
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German bank B Metzler seel Sohn & Co Holding has increased its stake to 19.5% of voting stock, and Merrill Lynch International has 16.25%.
They are now the largest shareholders after privately owned bearings maker Schaeffler which took control of Continental in December when it acquired 49.9% of voting shares.
Continental shareholders had tendered more shares to Schaeffler but, after a hostile takeover battle with Continental, Schaeffler had agreed not to increase its share beyond 49.9% until 2012. Remaining shares would instead be held by financial institutions.
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