February 6, 2018 / 12:31 PM / a year ago

Continental still has no concrete plans for potential break-up

HAMBURG, Feb 6 (Reuters) - German car parts maker Continental still has no plans for a potential new corporate structure that are ready for formal decision, it said after an extraordinary supervisory board meeting on Tuesday.

The electronics and tyre maker reiterated that it was analysing ways to meet the challenges facing the auto industry, and said labour representatives on its supervisory board had asked for an update on the situation.

With the auto industry wrapped up in a strategic transition to zero-emission cars and self-driving technology, carmakers and suppliers are restructuring to reduce their reliance on the internal combustion engine and focus on electric propulsion.

In January, Continental had said that it was considering a structural overhaul and aims to flesh out its plans within six months.

It is working with JP Morgan on the subject, people familiar with the matter have said. (Reporting by Jan Schwartz; Writing by Arno Schuetze; Editing by Douglas Busvine)

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