Deals
Continental Pushes Ahead With Pitches for Auto Spinoff
- German company invites banks to pitch for role on listing
- Spinoff work continues after BMW recalls 1.5 million vehicles
An employee checks a component for a brake system module on the production line at the the Continental AG plant in Frankfurt, Germany.
Photographer: Ben Kilb/BloombergContinental AG is pushing ahead with preparations for a separation of its struggling car parts business, even as it grapples with recalls related to faulty braking systems it supplied, according to people familiar with the matter.
The German company has invited investment banks to pitch for a role on the planned spinoff of the automotive business, the people said. While the request for proposals was sent earlier this month, pitches are still proceeding after the recall announcement, according to the people, who asked not to be identified because the information is private.
