Vitesco to pay 125 mln euros to Continental in dieselgate settlement
Adds details on guidance, settlement, background
Sept 26 (Reuters) -Germany's VitescoTechnologies VTSCn.DE will pay former parent Continental CONG.DE 125 million euros ($139.34 million) as part of an agreement reached over the diesel manipulation probe, causing the powertrain provider to lower its full-year guidance.
As part of its spin-off in 2021, Vitesco agreed to assume all liabilities attributable to the former Conti drive division, which had delivered over 12 million engine control units with which exhaust emission values were manipulated.
The costs and liabilities from the investigations are made up of the fines imposed by the public prosecutor's offices in Hanover and Frankfurt and the costs of clarifying the facts of the case, the companies said.
In April, Continental paid a fine of 100 million euros to settle the investigation, which has since been concluded. According to media reports, Continental spent a further 150 million euros on investigating the scandal.
As a result, Vitesco on Thursday revised its full-year guidance, excluding integration costs associated with the Schaeffler merger, and now forecasts negative free cash flow of around 525 million euros, from negative 400 million previously.
The German company said guidance for all other 2024 financial key performance indicators remain unchanged.
On Oct. 1, Vitesco will merge with Schaeffler SHA_p.DE.
($1 = 0.8964 euros)
Reporting by Marleen Kaesebier, editing by Friederike Heine and Miranda Murray
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