The Executive Board of Continental AG has decided that due to the current market environment, the planned spin-off of Vitesco Technologies (currently the business area Powertrain) will not be presented for a vote at the upcoming 2020 Annual Shareholders’ Meeting and thus will not take place in this year.
The spin-off will nevertheless continue to be pursued. To this end, the Executive Board of Continental and Management of Vitesco Technologies are pursuing arrangements to ensure Vitesco Technologies’ will be ready for a swift implementation of the planned spin-off once market conditions and visibility noticeably improve. The postponement will also allow certain costs and investment requirements related to the spin-off to occur at a time closer to the planned implementation. Continental will continue to consolidate Vitesco Technologies as the business area Powertrain until the implementation of the spin-off.
The 2020 Annual Shareholders’ Meeting is planned to take place on Tuesday, July 14, 2020 as an online-only event. Relevant information related to the event will be published in due course.