Frankfurt — Continental’s supervisory board is moving ahead with plans for an initial public offering of its powertrain unit and a new corporate structure by early July, a sign the car parts maker’s biggest overhaul in decades is taking shape, according to people familiar with the matter. The company’s favoured option was to list part of the division that makes components for combustion engines, generating cash to invest in growth areas such as electric vehicles and self-driving features, said the people, who asked not to be identified because the talks are confidential. An alternative proposed by the billionaire Schaeffler family, Continental’s largest shareholder, would have spun off the business to investors, but that is no longer being considered, according to the people. Continental would discuss the results of a review of its operational structure with relevant stakeholders after completing the analysis by mid-2018, a company spokesman said. He declined to elaborate on the sta...

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