German car parts maker Continental aims to spin off its powertrain unit Vitesco Technologies, with a subsequent initial public offering in September this year, the company said on Thursday.
Continental’s shareholders will receive one Vitesco share for every five Continental shares they own, it added.
The firm had been aiming to spin off Vitesco since 2019, but it had to halt its plans last year due to the coronavirus pandemic. (Reporting by Jan Schwartz Writing by Riham Alkousaa Editing by Caroline Copley)
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