The six banks arranging the financing of Schaeffler's bid for part of tyre maker Continental could launch the syndication of the debt as early as this week, countering market speculation that the German ball-bearing maker's offer was not fully financed.

Commerzbank, Dresdner Kleinwort, HVB, Landesbank Baden-Württemberg, Royal Bank of Scotland and UBS, the lead arrangers, have each agreed to fully underwrite the loan for the German ball-bearing maker and have already stumped up an undisclosed sum to finance the bid.