(14:05 GMT) *Continental Nearing Agreement to Sell ContiTech to Lone Star Funds (14:06 GMT) *Continental: Deal Gives Business Value of EUR4 Bln (14:06 GMT) *Continental: Deal Includes Performance-Based Components of up to Further EUR250 Mln (14:06 GMT) *Continental: Binding Agreement Not Yet Reached (14:17 GMT) Continental Close to Deal to Sell Contitech Business
By Mauro Orru
German tire maker Continental said it was close to a deal to sell its ContiTech business to private-equity firm Lone Star Funds.
The company said its executive and supervisory boards had already backed an agreement valuing the business at 4 billion euros ($4.57 billion), plus potential performance-based components of up to 250 million euros in subsequent years. However, it said a binding agreement hasn't yet been reached.
ContiTech makes products such as hoses and conveyer belts as well as materials for vehicle interiors.
Write to Mauro Orru at mauro.orru@wsj.com