Continental AG and Osram Licht AG will dissolve the joint venture specialized in intelligent lighting systems for automobiles, the companies revealed on Wednesday. The two firms hold equal shares in the venture's assets, and the talks on the resource distribution will be concluded by the end of the year, the companies noted.
"With this step, Continental and Osram are responding to the difficult market situation caused by the continuing, low global level of vehicle production and the economic crisis, which was exacerbated by the effects of the coronavirus pandemic," the statement read.
Continental's shares gained 3.39% at 10:45 am CET, selling for €88.6, while Osram's stocks jumped 14.35%, to sell for €49.63 a minute later.
