Due to the developing Coronavirus situation and the requirement to cancel large meetings involving more than 1,000 participants put in place by the Health Ministry of the state of Lower Saxony since March 11, 2020, the Executive Board of Continental AG has decided to postpone the Annual Shareholders’ Meeting which was planned to take place in Hanover on April 30, 2020. The Annual Shareholders’ Meeting is expected to take place within the period of 8 months after the start of the fiscal year, as prescribed by applicable regulation. The exact date will be communicated in due course.
The postponement will delay the required approvals by the Supervisory Board and Annual Shareholders’ Meeting on the planned spin-off of 100% of Vitesco Technologies (formerly the Powertrain division) with subsequent listing. Upon securing these approvals, Continental AG will strive for an implementation of the spin-off and the subsequent listing as soon as practicable. Other activities related to the spin-off of Vitesco Technologies will not be affected.
The postponement of the Annual Shareholders’ Meeting will also result in a delay of the resolution on the appropriation of net income for the fiscal year 2019. Such resolution by the Annual Shareholders’ Meeting is required for the payment of the proposed dividend of €4.00 per no-par-value share.