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.

"There has been no contact between Ipic and either Schaeffler or Continental, nor does Ipic intend to open a dialogue with either company, so there is no truth whatsoever to this rumour," he said.

Ipic invests in oil-related projects for the government of Abu Dhabi, capital of the UAE, which is the world's fifth-largest oil exporter.

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