(Reuters) – Continental AG’s supervisory board on Wednesday formally approved plans for spinning-off the group’s automotive business, which will have cash funds of 1.5 billion euros ($1.64 billion) before the process is completed.
Continental plans a spin-off and subsequent 100% public listing of its automotive unit on the Frankfurt stock exchange, during a tough period for the German car parts and tire maker and Europe’s auto industry as a whole.
($1 = 0.9163 euros)
(Writing by Matthias Williams; Editing by Ludwig Burger)
