1.13 AM Monday, 22 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:29 05:47 12:20 15:47 18:48 20:06
22 April 2024

Ipic may buy 20% stake in Schaeffler


Abu Dhabi-based sovereign wealth fund Ipic is mulling an investment in the troubled German auto parts maker Schaeffler.

The state-owned fund might seek to acquire at least 20 per cent of the capital in either Continental, a parts group owned by Schaeffler, or the parent company itself, and might be interested in a stake of more than 25 per cent, the Financial Times Deutschland reported.

Financial details were not revealed however.

Schaeffler is struggling to wrap up its purchase of Continental because the financial crisis has prompted banks to tighten credit.