Thursday 12 February 2009

Ipic denies eyeing Schaeffler stake

Abu Dhabi government-owned International Petroleum Investment Company (IPIC) yesterday denied it was taking a stake in indebted German bearings maker Schaeffler or its 49.9 per cent-owned unit Continental.

"This speculation (of Ipic investing in Schaeffler/Continental) has surfaced recently in the German media. We are quite surprised that this has arisen at all," Ipic Managing Director Khadem Al Qubaisi said.

On Tuesday, the Financial Times Deutschland newspaper reported the Ipic was considering buying a stake in Schaeffler or Continental.

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