02:15 PM EDT, 10/07/2024 (MT Newswires) -- Goldman Sachs ( GS ) and JPMorgan Chase ( JPM ) have been tapped by German auto parts manufacturer Continental to get part of its business ready for a spinoff, Bloomberg News reported Monday.

The company said in August that it is looking to spin off the unit that manufactures brakes and automated driving systems, while retaining its tires and ContiTech units. The shareholders would get stock in the independently listed company with no new money raised after the spinoff is completed, the report said, citing unnamed people familiar with the matter.

Talks are ongoing and details can still change. Continental is looking to make a decision in Q4 and aiming for a listing by the end of 2025, the report added.

Continental declined to comment to MT Newswires, and Goldman Sachs ( GS ) and JPMorgan ( JPM ) did not immediately reply.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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