Continental to raise more capital

ERJ staff report (DS)

Hannover, Germany -- Continental AG's Supervisory Board has approved a capital increase of up to €1.5 billion in the corporation's authorized capital.

In a statement, the company said, "With this decision, the Supervisory and Executive Boards intend to equip Continental with a sound financial structure for the medium and long term. Parallel to preparation of the capital increase, Continental is seeking to initiate refinancing talks with its creditor banks to deal with repayment of the credit tranche in the amount of €3.5 billion due in August 2010."

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Press release from Continental