The Executive Board of Continental Aktiengesellschaft (XTRA:CON) announced the spin-off of 99.95% stake in Vitesco Technologies on October 22, 2019. Continental Aktiengesellschaft will retain 20,000 shares representing 0.05% stake in Vitesco. Continental Aktiengesellschaft entered into a spin-off and transfer agreement to spin-off 99.95% stake in Vitesco Technologies on March 18, 2021. The Board decided to full spin-off Vitesco Technologies with subsequent listing. Subject to the approval of the Supervisory Board of Continental AG, the spin-off of Vitesco Technologies shall be submitted for decision by the Annual Shareholders' Meeting on April 30, 2020. As of April 29, 2021, as part of the spin-off, Continental's shareholders will receive one share in Vitesco for every five shares they hold in the automotive supplier. After the transaction, Vitesco's shareholder structure is expected to initially correspond to that of Continental, with Schaeffler Holding being the anchor shareholder with a 46% stake. It could then take effect within the same year. Continental AG stick to the plan for a full spin-off of its powertrain division under the name Vitesco Technologies and work on it is progressing as planned. As per the disclosure of March 11, 2020, the works council of Continental AG has called on Continental AG to avoid job cuts after the deal. As per disclosure of March 13, 2020, Continental reschedules its annual shareholders' meeting due to ban on large events in Lower Saxony because of coronavirus pandemic. Continental announced on April 30, 2020, it was postponing the planned spin-off of its power train unit Vitesco Technologies, citing ongoing economic uncertainty for the delay. Continental stated that it will not carry out the spin-off as planned in 2020 due to the current market environment but will continue to pursue it. Continental Aktiengesellschaft will complete this step as soon as the market environment has improved noticeably and is more stable. As of March 16, 2021, the Board of Directors of Continental Aktiengesellschaft has approved the transaction. The shareholder's meeting of Continental Aktiengesellschaft is scheduled on April 29, 2021. On April 29, 2021, shareholders in Continental AG approved the transaction. The vast majority of 99.9% of the votes cast during the virtual annual general meeting were in favour of the separation of the business. Vitesco plans its stock market debut on September 16, 2021. As of January 22, 2021, Vitesco Technologies aims to spin off in second half of 2021. The transaction is expected to be closed in September 2021. Spin-off is expected to be implemented on September 15, 2021. BofA Securities, Inc. acted as financial advisor to Continental Aktiengesellschaft. Deutsche Bank Securities Inc. acted as financial advisor to Vitesco Technologies and Continental Aktiengesellschaft. KPMG AG Wirtschaftsprüfungsgesellschaft acted as accountant to Continental Aktiengesellschaft.

Continental Aktiengesellschaft completed the Spin-Off of 99.95% stake in Vitesco Technologies on September 16, 2021.