|
|
Article: Continental shares plunge on report
- Article from:
- AP Online
- Article date:
- January 26, 2009
- Author:
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
|
German tire and autoparts maker Continental AG said Monday that its financial situation was stable after a news report that it and majority shareholder Schaeffler Group KG were seeking euro1 billion ($1.3 billion) in state aid sent its shares tumbling.
Shares of Continental later steadied down 17.4 percent to end at euro14.46 ($18.79) in Frankfurt trading. Its low Monday, and of 52-weeks, of euro12.85, was 27 percent off of Friday's close. The stock has fallen 83 percent from its 52-week high of euro82.94 last spring.
Schaeffler, a privately held maker of ball bearings, completed its purchase of Continental earlier this month for about euro8 billion ($10.4 billion). The ...