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5.82-0.01 (-0.17%)
As of 10:21AM CEST. Market open.
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Neutralpattern detected
Previous Close5.84
Bid5.78 x 0
Ask5.82 x 0
Day's Range5.79 - 5.82
52 Week Range4.29 - 10.27
Avg. Volume167
Market CapN/A
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Schaeffler Looks to Raise $1.5 Billion Amid Pandemic Fallout

    Schaeffler Looks to Raise $1.5 Billion Amid Pandemic Fallout

    (Bloomberg) -- Schaeffler AG is setting the stage to raise as much as 1.3 billion euros ($1.5 billion) as the automotive and industrial supplier looks to bolster its finances amid the fallout of the coronavirus pandemic.The company will hold an extraordinary shareholders meeting on Sept. 15 to seek approval to issue as many as 200 million additional non-voting common shares, Schaeffler announced Thursday. The company’s stock fell as much as 6.1% to 6.06 euros.Schaeffler said the money would strengthen its capital base and help it “take advantage of growth opportunities.” One of the goals of the authorization, which will have a term of five years, would be to increase its free float, the company said.“This is about going on the offensive,” Chief Executive Officer Klaus Rosenfeld said in an interview. “We want to exit this crisis as a winner.”The authorization gives Schaeffler the option to raise money if needed, he said, adding that he has no specific transaction in mind. The company is open to expanding its portfolio with potential acquisitions in the areas of e-mobility and sustainability as well as bolstering its industrial business, Rosenfeld said.Like most companies in the automotive industry, Schaeffler has faced a historic slump in orders and revenue as lockdowns to contain the disease halted production lines and sapped demand. The company still managed to generate a first-half profit, despite revenue dropping by more than a fifth.Schaeffler’s stock has tumbled by about a third this year, one of the reasons the company’s controlling owners have lost a large part of their once $35 billion fortune. Georg Schaeffler and his mother Maria-Elisabeth Schaeffler-Thumann also own a major stake in Continental AG, another automotive supplier.It’s open at this point whether the family would participate in any future capital increase at Schaeffler, the CEO said.(Updates with comments from CEO beginning in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • CCI rules Tata Steel, SKF, Schaeffler units colluded on bearings prices

    CCI rules Tata Steel, SKF, Schaeffler units colluded on bearings prices

    India's antitrust body has ruled that units of Sweden's AB SKF, Germany's Schaeffler AG and Tata Steel Ltd, along with local firm National Engineering Industries, are guilty of colluding and fixing prices of vehicle ball bearings. The Competition Commission of India (CCI) began a probe into the matter in 2017 after receiving information that the entities had been colluding on bearings prices from 2009-2014, to pass on higher raw material costs to customers in the auto sector. In a 36-page order issued on Friday, the CCI said it "holds NEI, Schaeffler, SKF and Tata Bearing guilty" of contravening the country's antitrust laws.

  • Exclusive: India probe finds bearings collusion by SKF, Schaeffler, Tata Steel units

    Exclusive: India probe finds bearings collusion by SKF, Schaeffler, Tata Steel units

    An Indian antitrust investigation has found that units of Tata Steel, Sweden's SKF and Germany's Schaeffler colluded on the pricing of bearings, a report seen by Reuters shows, opening them up to potential fines. The Competition Commission of India (CCI) began an investigation in 2017 after allegations that five companies colluded on bearings prices from 2009-2014 to pass higher raw material costs onto customers in the auto sector. European Union antitrust regulators fined SKF, Schaeffler and three Japanese auto parts makers $1.3 billion in 2014 for taking part in a bearings cartel from 2004 through 2011.