Date: 2013-08-01

Schaeffler Says Continental AG Deal Financing Safe

Schaeffler Group's financing of its planned acquisition of Continental AG was secure, a spokesman for the German maker of ball bearings said, denying market talk it was facing financing problems.

The company has binding financing commitments from six banks on the deal, he said on Tuesday.

Two bankers close to the deal had said syndication of the 16.1 billion euro ($22.12 billion) loan backing Schaeffler's bid for the German car parts maker Continental was on hold due to disruption in the credit markets.

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