Continental Postpones Shareholders Meeting; Vitesco Technologies Spinoff Delayed

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 [e-mail]

(END) Dow Jones Newswires

March 13, 2020 10:34 ET (14:34 GMT)

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