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Continental readies Powertrain spin-off in addition to listing

Continental readies Powertrain spin-off in addition to listing
FILE PHOTO: Logo of Continental is seen before the annual news conference in Hanover, Germany March 2, 2017. REUTERS/Fabian Bimmer -
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Fabian Bimmer(Reuters)
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FRANKFURT (Reuters) – Auto supplier Continental <CONG.DE> on Monday said it would prepare a spin-off of its powertrain division as an alternative to a potential partial listing of the unit.

“The Executive Board of Continental AG has decided to consider a spin-off of up to 100% of the Powertrain division with subsequent listing as an additional alternative to the potential partial IPO,” the company said in a statement.

In April the Hanover, Germany-based company pushed back plans for a stock market listing of its powertrain division and said an IPO depended on the recovery of the auto market.

(Reporting by Edward Taylor; Editing by Tassilo Hummel)

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