HANOVER (dpa-AFX) - Vitesco Technologies Group AG (VTSCY), a German automotive supplier for drivetrain and powertrain technologies, announced on Thursday that it has agreed with Continental AG (CTTAY.PK), an auto-parts maker, for a settlement on the Group separation agreement.
Earlier, Continental had spun off its former powertrain division to form Vitesco.
Based on the agreement, Vitesco will pay an amount of 125 million euros to Continental.
This agreement will allow the companies to settle probes into the manipulation of exhaust values by the public prosecutors in Frankfurt and Hanover, which have been discontinued in the meantime.
Vitesco is headquartered in Regensburg, while Continental AG based in Hanover.
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