MUNICH (Bloomberg) -- Schaeffler's founding family sold its remaining non-voting stake at the low end of an offered price range, completing a disposal that was scaled back when customer Volkswagen Group became embroiled in an emissions-cheating scandal.
The Schaeffler Verwaltungs GmbH investment vehicle divested 94.4 million shares, or 14.2 percent of the manufacturer's issued capital, at 13.10 euros apiece, generating proceeds of about 1.24 billion euros ($1.41 billion), the German car-parts maker said today in a statement.
Schaeffler was seeking as much as 13.50 euros a share from institutional investors for the stake, according to a term sheet seen by Bloomberg News. The final price was 5.8 percent lower than the stock's closing price on Monday, and the shares fell as much as 8 percent on Tuesday in the steepest intraday drop since the company's initial public offering in October.
The proceeds will be used to repay debt of Schaeffler Holding, the vehicle owned by Maria-Elisabeth Schaeffler-Thumann and her son, Georg Schaeffler, who retain voting control in the maker of auto components and industrial bearings.
Schaeffler sold 75 million shares in the IPO, less than a planned 166 million shares, after Volkswagen, Europe's biggest carmaker, disclosed that it had rigged a line of diesel engines to pass emissions readings only during official tests. The supplier has said it expects little financial fallout from Volkswagen's woes.