Schaeffler Group has sold Continental AG shares worth some EUR1.8bn in a bid to reduce debt.

The company accumulated debt during its hostile takeover bid for Continental in 2008.

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Some 30 million Continental shares held on Schaeffler’s behalf have been sold by investment banks to a wide range of investors at EUR60 each, the company said.

Schaeffler aims to pay back loans of EUR400m and EUR600m and reduce debts costs.

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