Continental delays Vitesco spin-off, blaming market turmoil [Reuters]
CNH Industrial N.V. Common Shares (CNHI)
Last cnh industrial n.v. common shares earnings: 2/7 08:00 am
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Source: Reuters
Continental delays Vitesco spin-off, blaming market turmoil FRANKFURT (Reuters) - German car parts maker Continental ( CONG.DE ) said on Thursday it was postponing the planned spin-off of its powertrain unit Vitesco Technologies, citing ongoing economic uncertainty for the delay. The spread of the coronavirus has hammered equity markets, playing havoc with valuations, a factor which has already led Italy’s CNH Industrial ( CNHI.MI ) to say it may need more time to spin off its Iveco trucks unit. “The spin-off requires better market conditions,” Continental said in a statement. The company said its shareholders will not be asked to sign off on the plans for a Vitesco spin-off at the annual general meeting on July 14 and the deal will not take place this year. “We are now arranging the organizational and procedural requirements so that Continental and Vitesco Technologies are in a position to swiftly implement the spin-off with listing once the market environment is suitable. The de
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