January 9, 2018 / 6:09 PM / a year ago

Continental says in early talks about structural overhaul

FILE PHOTO: Logo of German tyre company Continental is seen before the annual news conference in Hanover, Germany March 2, 2017. REUTERS/Fabian Bimmer/File Photo

BERLIN (Reuters) - German auto parts and tyre maker Continental (CONG.DE) said on Tuesday it was in “early stages” of talks about a structural overhaul to become more nimble amid the car industry’s transition to electric and self-driving vehicles, confirming media reports.

A source told Reuters on Tuesday that Continental was continuing to ponder all options for its future corporate structure and kept reviewing its combustion-engine business.

“As of today it is wide open, if and which changes could result from these early evaluations,” Rolf Woller, head of investor relations said in a written statement after trading hours. “To date there are no plans which could be submitted for approval.”

Bloomberg News had reported earlier in the day that the firm was in exploratory talks with advisers on a strategic revamp which could result in creating a holding company and listing its more profitable divisions or combining some operations with rivals.

Reporting by Andreas Cremer; Editing by Tom Sims

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