Financial Times Deutschland has reported that Continental AG may be actively looking to sell off its tire and ContiTech units.
The report said that Conti may have hired an investment bank to seek out potential buyers, citing unnamed people close to the situation.
The move may stem from reports by Handelsblatt that Conti may have to write down some $9.9 billion on its 2008 balance sheet, a “goodwill” write off connected with Conti’s acquisition of Siemens VDO earlier this year. (Courtesy of Tire Review)
