January 9, 2018 / 7:07 PM / 6 months ago

Continental to flesh out possible structural overhaul by the summer: CFO

BERLIN (Reuters) - Germany’s Continental (CONG.DE) is in talks with banks and other relevant parties about a possible structural overhaul of the auto parts and tire maker and expects to specify its deliberations by the summer, its finance chief said.

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

“In the next half year we should be able to provide more information on this,” finance chief Wolfgang Schaefer said late on Tuesday in an interview with Reuters.

The Hanover-based group said on Tuesday it was in “early stages” of talks about possible structural changes to become more nimble as auto manufacturers are spending billions of euros on electric and self-driving technologies, confirming media reports.

But Schaefer said a separation of Continental’s so-called Powertrain division, which makes fuel injection systems, and electric-car components, was not a specific goal in the discussion.

The CFO said possible attempts to restructure the organization will cause no distraction to Continental’s M&A strategy, confirming that the company will remain on the lookout for possible acquisition targets.

Reporting by Andreas Cremer; Editing by Tom Sims

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