The German leading index DAX consists in exceptional cases on Thursday instead of 40 values. The Frankfurt car supplier Aumovio, that of the tire group Continental is then split off for a day in the DAX, as the DeutscheBörse subsidiary ISS Stoxx announced on Monday after closing date.
How Continental drives its split throughout and who has set the course for the reorganization of the company at the car supplier. Read here
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Accepting corporate divisions for a day in the DAX is common for splitting DAX companies, among other things to give index investors the chance to sell the stocks booked in the depot regulated regulated again. Continental shareholders automatically receive an Aumovio share for two of their papers on Thursday.
Most recently, the stock exchange had the short-term increase in the DAX when splitting the truck division Daimler Truck from Mercedes-Benz practiced at the end of 2021. The company later entered the leading index regularly. This is not to be expected at Aumovio for the time being. Continental with a stock market value of 14.5 billion euros is one of the smaller DAX values, especially since the major shareholder Schaeffler 46 percent of the shares hold – as in the future at Aumovio.
Conti once started with pony shoes
Conti had initially started with horse shoes and tires in 1871, at that time for carriages and bicycles. Later car tires were added. Through several takeover, the company grew to the third largest car supplier in the world. In 2021, Conti had already split off the Vitsco drive division. Now the group is becoming a pure tire manufacturer again. Because the Hanoverians also want to get rid of their plastic technology division.
Contis car delivery business has long been a problem child and has repeatedly written red numbers in recent years. Most recently, the largest group in sales had earned a little more. Sales dropped by 5 percent in the second quarter due to the stagnant car production, but more than profit got stuck. This was due to the cost reductions and price increases. In the largest group in sales, the austerity course was recently tightened again. More than 10,000 jobs are eliminated, around half each in the administration and in research and development.
On the offer, the new company Aumovio has brakes, chassis, vehicle electronics, infotainment solutions, sensors and components for assisted and automated driving. So far, the area has around 92,000 employees-almost half of the Continental employees. Sales were around 19.4 billion euros last year.