As of Jan. 4, Axa’s voting stake in Continental stood at 9.52%, the auto parts specialist said in a mandatory legal filing published in the German press. Previously, Axa had held a share of 10.05% in Continental’s voting capital.

The French insurer is still Continental’s biggest single shareholder, ahead of U.S. private equity fund Capital Group with 5.1% and Barclays bank with 4.5%. According to the AFP news agency, the rest of the share capital is widely distributed, which, along with the relatively low market capitalisation, leaves Continental vulnerable to possible takeover.

In September, Continental said it had been approached by an unnamed investment fund with a view to a possible acquisition.