Moody’s downgrades Senegal to Caa1 amid rising debt concerns
Investing.com -- German auto-parts supplier Aumovio began trading on the Frankfurt stock exchange Thursday with a market capitalization of approximately €3.5 billion ($4.14 billion) following its spinoff from tire maker Continental AG (ETR:CONG).
Aumovio shares started trading at €35, according to share-count data provided by Deutsche Boerse. The stock initially dipped as much as 3.8% below its opening price during European morning trading, but later recovered those losses.
Continental shares traded sharply lower compared to Wednesday’s closing price. However, when adjusted for the Aumovio spinoff, Continental stock was actually up more than 4%. This adjustment gave Continental a market value of approximately €11.4 billion.
The spinoff marks a significant restructuring for Continental as it separates its auto parts business into the newly formed Aumovio entity.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.