Continental to pursue listing of powertrain division

Credit: REUTERS/Wolfgang Rattay

German auto supplier Continental on Tuesday said it will seek to list its powertrain division Vitesco Technologies without the option of retaining a minority stake.

FRANKFURT, Oct 22 (Reuters) - German auto supplier Continental CONG.DE on Tuesday said it will seek to list its powertrain division Vitesco Technologies without the option of retaining a minority stake.

"The Executive Board of Continental AG has decided to no longer pursue the preparation of a potential partial IPO of Vitesco Technologies," the company said in a statement.

Plans for a split off of Vitesco will be submitted to a shareholder vote on April 30, 2020, Continental said.

Earlier this year Continental pushed back plans for an initial public offering of the unit.

Continental shares were up 1.6% at 1130 GMT.

(Reporting by Edward Taylor; editing by Thomas Seythal)

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

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