October 26, 2018 / 2:17 PM / 25 days ago

Continental asks banks to pitch for Powertrain flotation - sources

FRANKFURT, Oct 26 (Reuters) - German car parts maker Continental has asked investment banks to pitch for roles in the planned 2019 stock market flotation of its Powertrain unit, people close to the matter said.

The Hanover, Germany-based group is working with Lazard as its IPO advisor, which has already sent out invitations to the banks to pitch for global coordinator mandates, they added.

Continental declined to comment. A Lazard spokeswoman was not immediately available for comment.

Continental said in July that it will list its Powertrain unit as early as mid-2019 as part of a broader restructuring in response to far-reaching shifts in the auto industry towards electric and self-driving technologies.

Editing by Maria Sheahan

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