Schaeffler pushes back stock market float

Fri Oct 2, 2015 1:54am EDT
 
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FRANKFURT (Reuters) - German ball bearings and car parts maker Schaeffler said it was sticking with plans for an initial public offering (IPO) but would not announce a price range until Monday, pushing back the stock market flotation.

"After a series of comprehensive meetings with investors over the past days, the company plans to announce the price range, the timetable and further information on the transaction on Monday," Schaeffler said in a short statement on Friday, providing no further details.

Order books for Schaeffler shares had been due to close on Friday, with the first day of trading scheduled for Monday.

But three people familiar with the deal told Reuters on Thursday Schaeffler would push back its flotation and could scale down the IPO as investors fret about Volkswagen's VOWG_p.DE emissions scandal and markets remain volatile.

(Reporting by Maria Sheahan; Editing by Shri Navaratnam)

 
Ball bearings are pictured at the booth of German company Schaeffler during preparations at the Hanover industrial fair in Hanover April 7, 2013.  REUTERS/Fabian Bimmer