By Jessica Sier

Continental AG said Thursday it would not present its Vitesco Technologies spinoff at the annual shareholders meeting in July due to difficult market conditions.

The German auto parts supplier said it will continue to pursue the listing of its powertrain subsidiary business when market conditions and visibility improve.

The next annual shareholders meeting is slated for July 14.

"The postponement will also allow certain costs and investment requirements related to the spin-off to occur at a time closer to the planned implementation," said the company in a statement.

Write to Jessica Sier at jessica.sier@wsj.com

(END) Dow Jones Newswires

April 30, 2020 06:14 ET (10:14 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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