Continental: cuts dividend by 37% as uncertainty prevails
(CercleFinance.com) - Germany's Continental has cut its proposed dividend for 2019 as it seeks to protect its capital resources and liquidity from ongoing economic uncertainty, the auto parts company said on Wednesday.
Its board slashed the proposed payout to 3 euros per share, equivalent to a total distribution of 600 million euros, from a previous plan of paying 4 euros per share.
The dividend proposal is therefore 37% lower than last year's dividend of 4.75 euros per share, which resulted in a distribution of 950 million euros.
The reduced proposal will be put to a vote by shareholders at its virtual AGM on 14 July, Continental said.
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