FRANKFURT (Reuters) - German automotive supplier Continental (CONG.DE) is still interested in working with digital mapping firm HERE, Chief Executive Elmar Degenhart said on Tuesday.
“We are still in talks and haven’t lost our optimism that we will strike a deal sometime in the future,” he told Reuters at the Frankfurt auto show.
Germany’s Manager Magazin in July cited sources as saying that Continental was in talks to acquire an 8 to 10 percent stake in HERE.
Carmakers BMW (BMWG.DE), Daimler (DAIGn.DE) and Volkswagen (VOWG_p.DE) bought HERE for 2.8 billion euros ($3.35 billion) in 2015 from Finnish telecoms group Nokia NOK1V.HE as they push ahead with investments in self-driving cars.
Last year Chinese digital mapping company NavInfo (002405.SZ), Tencent (0700.HK) and Singapore’s sovereign wealth fund GIC took a 10 percent stake in HERE, with the German carmakers pledging to reduce their own stakes.
But HERE needs more capital to expand its network of high-precision maps and has been in talks with other investors.
Reporting by Jan Schwartz; Writing by Maria Sheahan; Editing by Keith Weir