Continental AG Nears EUR4 Billion Sale of ContiTech Unit to Lone Star Funds

Continental AG (CON.F) is in the final stages of reaching a deal to sell its ContiTech unit to Lone Star Funds, according to a Friday release. The German automotive parts manufacturer said its boards approved the sale of ContiTech to the investment firm for 4 billion euros, plus up to 250 million euros in potential performance-based payments in subsequent years. However, the companies have not yet signed a binding agreement.