Continental Postpones Shareholders Meeting; Vitesco Technologies Spinoff Delayed
13 März 2020 - 3:49PM
Dow Jones News
By Jessica Sier
Continental AG has decided to postpone its 2020 shareholders
meeting due to the coronavirus pandemic, a move that will also
delay approval for its proposed spinoff of subsidiary Vitesco
Technologies, the company said on Friday. The meeting was scheduled
for April 30.
Continental is in the middle of spinning off its former
powertrain division--now renamed Vitesco Technologies--and listing
the entity. The supervisory board and shareholders need to approve
the planned spinoff.
The German auto-parts maker must hold its annual shareholder
meeting within eight months after the start of the fiscal year, but
it has not yet set a new date.
The company's decision comes after the health ministry of the
German state of Lower Saxony, where Continental is based, has
placed restrictions on meetings involving more than 1,000
participants. These have been in place since Wednesday.
"Upon securing these approvals, Continental will strive for an
implementation of the spinoff and the subsequent listing as soon as
practicable," the company said. "Other activities related to the
spinoff of Vitesco Technologies will not be affected."
Write to Jessica Sier at jessica.sier@wsj.com
(END) Dow Jones Newswires
March 13, 2020 10:34 ET (14:34 GMT)
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