The banks financing Schaeffler’s takeover of Continental, the German car-parts supplier, are struggling to sell a €16.1bn ($22bn) loan as the financial crisis cuts investors’ appetite for risky assets.

Bankers involved in the deal said it was likely that the banks would have to keep the loan on their books for some time.

The audacious deal by privately held bearings maker Schaeffler for a rival which is three times its size is being financed by a consortium of six banks, led by the Royal Bank of Scotland.

Under normal market conditions, loans used for a takeover are spread across an array of banks and other investors. But after the financial turmoil in recent months, banks are shunning such debt.

Both bankers and Schaeffler said the deal itself was not affected by the syndication problems, as the banks have guaranteed the loans. “We have a binding finance commitment by the banks,” a Schaeffler spokesman said.

Investors’ concerns over the deal have mounted after the outlook for the car industry deteriorated rapidly, potentially leaving both Schaeffler and Conti with lower profits to repay debt.

Conti has been saddled with high debt ever since it bought electronic car-parts maker VDO from Siemens last year, at the peak of the market.

Debt concerns have also increased because Schaeffler has bought more of Conti than it originally intended.

Schaeffler had wanted to buy a stake of more than 30 per cent in its rival.

Instead, investors tendered 82.41 per cent of Conti’s stock as the company’s earnings prospects faded in recent months.

Combined with Schaeffler’s previous stake in Conti, the ball bearings maker now controls more than 90 per cent of its target.

However, Schaeffler has agreed with Conti’s management to limit its stake to below 50 per cent for the next four years, forcing it to park 40 per cent of the stake with banks.

The banks are obliged not to sell the shares at below €75 a share, which was Schaeffler’s bid price.

There have been rumours among investors that Schaeffler might instead try to sell this 40 per cent to financial investors or sovereign wealth funds. Both Schaeffler and the company’s banks have denied this.