Conti share issue now fully subscribed

ERJ staff report (DS)

Hannover, Germany -- All the shares from Continental's new share issue have been placed, some at higher then expected values. This means Conti will receive around euro 1100 million when the issue finally closes.

The banking consotium was scheduled to place 31 million shares at a nominal euro 35 each. In fact 24.55 million shares were placed at this price and 6.45 were placed at euro 40 each, adding around euro 32 million to the receipts.

“We take the view that the exceptionally positive reaction of investors to our capital increase confirms Continental's good prospects in the future on the basis of an improved financial and capital structure. At the same time, the trust that investors have shown in our company en­courages us in our plans to optimise the repayment schedule for our financial indebtedness in the same structured manner as we have thus far," said Dr. Elmar Degenhart, chairman of Continental's Executive Board.

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Press release listing from Continental