By Giulia Petroni
Continental AG said Wednesday that it would cut its dividend proposal for fiscal year 2019 due to economic uncertainty.
The German car-parts manufacturer said the executive and supervisory boards proposed a dividend payment of 3 euros ($3.35) per share. The company had previously proposed a dividend of EUR4 per share.
The reduced proposal will be put to a vote at the annual shareholders' meeting scheduled for July 14, Continental said.
"The economic landscape continues to be characterized by a high degree of uncertainty due to the impact of the coronavirus," said Wolfgang Reitzle, chairman of the supervisory board. "In this challenging situation, ample capital resources and adequate liquidity are of top priority."
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