July 18, 2018 / 12:20 PM / 2 months ago

Continental AG prepares powertrain for IPO in 2019

FRANKFURT, July 18 (Reuters) - German auto supplier Continental on Wednesday said it will list its powertrain division as early as mid 2019 as part of a broader strategy overhaul to break itself up into three divisions under a holding company structure starting in 2020.

Continental will create three divisions: Continental Rubber, Continental Automotive and Powertrain, the company said.

Continental added that the sale of a minority stake in the Rubber group, possibly through a stock market flotation, is an option for future.

The carve-out of the Powertrain group sector will lead to estimated operational costs of 350 million euros, Continental said, adding that a large part of that will be incurred in 2018 and 2019. (Reporting by Edward Taylor Editing by Arno Schuetze)

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