March 17, 2020 / 9:48 AM / 21 days ago

MTU Aero Engines postpones AGM, suspends dividend

MUNICH, March 17 (Reuters) - German engine manufacturer MTU Aero Engines said on Tuesday it would postpone its annual general meeting and suspend its dividend for the time being.

After a supervisory board meeting, the AGM scheduled for May 7 would now not take place “due to the very unclear situation at present,” MTU Chief Executive Reiner Winkler said in a statement.

A month ago, MTU had proposed raising the 2019 dividend by a fifth to 3.4 euros per share. Not paying the dividend will save MTU 180 million euros ($200 million). A new AGM date had not yet been determined, but it must be held by the end of August. ($1 = 0.8999 euros) (Reporting by Alexander Huebner and Vera Eckert, editing by Alexander Smith)

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