Continental to Review Complete Spinoff of Powertrain Unit, Parallel to Partial IPO Plans
September 02 2019 - 9:35AM
Dow Jones News
By Cristina Roca
Continental AG (CON.XE) said Monday that it is considering
spinning off its powertrain division, and that it will continue to
prepare for a potential partial initial public offering of the
unit.
The German automotive company said it is conducting a review of
the technical and legal requirements, and that it will consider the
possibility of completely spinning off the division, which would be
called Vitesco Technologies.
Continental's executive and supervisory board will reach a
decision after the review is completed, the company said.
In the meantime, Continental will continue to prepare to
partially list the division in 2020, it said.
"This creates further maneuvering room for Continental, given an
accelerating trend toward powertrain electrification and the
hard-to-predict conditions surrounding a potential partial IPO in
2020," Continental said.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
September 02, 2019 09:20 ET (13:20 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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