January 18, 2018 / 11:02 AM / a month ago

Continental aims for split before year-end -Manager Magazin

FRANKFURT, Jan 18 (Reuters) - Germany’s Continental AG aims to float part of its business on the stock exchange before the end of the year, German monthly Manager Magazin reported on Thursday, citing no sources.

The automotive supplier said this month it was in talks about a possible structural overhaul and pledged to flesh out its plans within six months.

Manager Magazin said the favoured option within Continental was to split the group into three parts: Rubber; Powertrain; and a combination of the Chassis & Safety and Interior units, which would include all services related to autonomous vehicles.

The Rubber and Powertrain businesses would be the first candidates for a listing, the magazine said, adding that Continental would keep majority stakes in the businesses.

Continental was not immediately available for comment.

Sources told Reuters this week that Continental had hired JP Morgan to work on strategic options for the company, including a separation of its current businesses.

Reporting by Maria Sheahan; Additional reporting by Jan Schwartz, editing by Pritha Sarkar

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