The drive manufacturer Vitesco is planning its stock market debut in the coming week. The first listing is scheduled for September 16 on the Frankfurt Stock Exchange, announced the company that had split off from the automotive supplier and tire manufacturer Continental on Tuesday in Regensburg. The opening price of the shares will be determined on the morning of the listing as part of an opening auction.
The Continental shareholders approved the spin-off at the end of April. The Conti shareholders will receive new Vitesco shares at a ratio of 5: 1, that is, one Vitesco share for every five Continental shares. After the shares have been allocated and with the expected start of trading on September 16, Vitesco shares will be freely tradable, it said. At the same time, Vitesco named its future, expanded supervisory board. The Austrian investor and entrepreneur Siegfried Wolf is to become the chairman of the supervisory board.
Strategy geared towards e-mobility
According to the securities prospectus, the new company achieved sales of around 4.4 billion euros in the first half of the year, around 29 percent more than a year earlier. The adjusted operating result (EBIT) increased to 84.2 million euros, after a loss of around 218 million euros in the previous year. Incoming orders totaled 3.8 billion euros, of which just under half, around 1.8 billion euros, is attributable to electrification products in all areas.
Vitesco has aligned its new strategy to electromobility and wants to gradually withdraw from combustion-specific technologies. This also includes the gradual phasing out of contract production for Continental. (dpa-AFX / os)
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