Failure To Sell Costs Conti

The collapse of talks to sell ContiTech are said to be behind the resignation of Stephan Kessel, who has been replaced by Manfred Wennemer, who was until recently the head of ContiTech. Analysts have been taken by surprise by the move and many believe it will result in a loss of confidence in Continental. The sale of ContiTech had been expected to fund moves into electronics and complete automotive systems, without these funds the execution of that strategy may have to change.