Bloomberg reported yesterday that Schaeffler Group, which is now a major stakeholder in Continental AG, is considering a change in its “legal status” that will allow outside investors.

Bloomberg said the report came from an item in Financial Times Deutschland, which said Schaeffler is considering a switch to being “a corporation” because its current status as a “limited partnership” limits its ability to involve outside investors.

Schaeffler, said the report, is facing more than $13.2 billion in “unforeseen debt after assuming 82 percent of Continental's stock, more than it had planned,” according to Financial Times Deutschland.

Bloomberg said that a Schaeffler spokesperson rejected the report and said the company has no plans to change its legal status or engage external investors. (Courtesy of Tire Review)