Proceeds of 5 billion euros ($6.4 billion) to 7 billion euros would reduce the debt burden of Continental and its owner Schaeffler Group, the magazine said. The tire unit, after an overhaul and the modernization of production, is “intact,” Focus cited Bischoff as saying.
The comments represent an about-face by the labor leader, who was initially opposed to a sale of the unit during Schaeffler’s takeover of Continental, the magazine said. (Tire Review/Akron)