IPIC denies Schaeffler stake reports

The Abu Dhabi government-owned International Petroleum Investment Company (IPIC) on Wednesday denied it was taking a stake in indebted German bearings maker Schaeffler or its 49.9 per cent-owned unit Continental. "This speculation (of IPIC investing in Schaeffler/Continental) has surfaced recently in the German media. We are quite surprised that this has arisen at all," the IPIC managing director Khadem al Qubaisi said in a statement. On Tuesday, the Financial Times Deutschland newspaper reported the IPIC was considering buying a stake in Schaeffler or Continental. "There has been no contact between IPIC and either Schaeffler or Continental, nor does IPIC intend to open a dialogue with either company, so there is no truth whatsoever to this rumour," he said. IPIC invests in oil-related projects for the government of Abu Dhabi, which is the world's fifth-largest oil exporter. Last month, IPIC paid €490 million (Dh2.3bn) for a 70 per cent stake in MAN Ferrostaal. *Reuters