April 30, 2020 / 10:11 AM / a month ago

Continental says Vitesco spin-off will not happen this year

FRANKFURT, April 30 (Reuters) - German car parts maker Continental is postponing the planned listing of its powertrain unit Vitesco Technologies, citing ongoing economic uncertainty.

Shareholders will not be asked to sign off on the plans for a Vitesco spin-off at the annual general meeting on July 14 and the deal will not take place this year, Continental said in a statement on Thursday.

“We are now arranging the organizational and procedural requirements so that Continental and Vitesco Technologies are in a position to swiftly implement the spin-off with listing once the market environment is suitable. The decisive preparations for this will have been completed by the end of the year”, Vitesco Chief Executive Andreas Wolf said. (Reporting by Arno Schuetze; editing by Thomas Seythal)

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