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Continental aims for split by year-end - Manager Magazin

Reuters
The logo of Continental AG, a German automotive manufacturing company specialized in tyres, brakes and car safety products is pictured on a rim at the company's stand during the Hannover Fair in Hanover, Germany, April 25, 2016. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - Germany's Continental AG (CONG.DE) aims to float a separate part of its business on the stock exchange in 2018 to take advantage of robust capital markets, German monthly Manager Magazin reported on Thursday.

The automotive supplier said this month it was in talks about a possible structural overhaul and pledged to flesh out its plans within six months.

Manager Magazin said the favoured option within Continental was to split the group into three parts.

These would be Rubber with around 17.5 billion euros (15.45 billion pounds) in annual sales; Powertrain with 7.7 billion euros in sales; and a combination of the Chassis & Safety and Interior units, which would generate around 18.8 billion euros in sales and include services related to autonomous vehicles.

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The Rubber or the Powertrain business are the first candidates for a listing of at least 25 percent of shares, the magazine said, adding that Continental would keep majority stakes in the businesses for the moment.

Continental declined to comment on the report.

Sources told Reuters this week that Continental had hired JP Morgan (JPM.N) to work on strategic options for the company, including a separation of its current businesses.

(Reporting by Maria Sheahan; Additional reporting by Jan Schwartz; editing by Pritha Sarkar/Keith Weir)