Continental readies Powertrain spin-off in addition to listing

Credit: REUTERS/Kai Pfaffenbach

Auto supplier Continental on Monday said it would prepare a spin-off of its powertrain division as an alternative to a potential partial listing of the unit.

FRANKFURT, Sept 2 (Reuters) - Auto supplier Continental CONG.DE on Monday said it would prepare a spin-off of its powertrain division as an alternative to a potential partial listing of the unit.

"The Executive Board of Continental AG has decided to consider a spin-off of up to 100% of the Powertrain division with subsequent listing as an additional alternative to the potential partial IPO," the company said in a statement.

In April the Hanover, Germany-based company pushed back plans for a stock market listing of its powertrain division and said an IPO depended on the recovery of the auto market.

(Reporting by Edward Taylor Editing by Tassilo Hummel)

((Edward.Taylor@thomsonreuters.com; +49 69 7565 1187;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More