FRANKFURT: The Kuwaiti Investment Authority (KIA) may be considering investing in German car parts supplier Continental, reports said yeaterday .
In an article flagged "Continental: The car parts supplier talks to the sovereign wealth fund of the emirate of Kuwait over possible investment", German magazine WirtschaftsWoche said "Kuwaiti investors" have been in contact with Chief Executive Karl-Thomas Neumann in the past few days.
The investors also held a meeting in Hanover with the premier of Continental's home state of Lower Saxony, Christian Wulff, to discuss the political feasibility of a possible investment, the weekly said.
WirtschaftsWoche said that the KIA, which has a 6.9 per cent stake in Daimler and is the carmaker's second biggest shareholder, is a welcome investor in Germany.
The German car parts maker and its controlling shareholder Schaeffler are struggling to each find a solution to their own 10 billion euro-plus mountain of debt.
"Continental has maintained its contact to potential investors, holding successful roadshows with up to 300 participants with very positive feedback. There is still interest in Continental," a spokesman for the company said.