Hedge funds have Schefenacker in sight

German car parts supplier Schefenacker is likely to be taken over by hedge funds, according to IFR, citing high-yield analysts. The comments follow Schefenacker’s presentation of quarterly figures that were below expectations, suggesting that it might breach a covenant on its debt.

Schefenacker, which supplies rear-view mirrors, reported Ebitda of €17.6m on sales of €227m for the first three months of 2006.