BERLIN (Reuters) – Continental is considering splitting into four separate businesses to boost its market capitalisation but must convince majority shareholder Schaeffler of the plan, Manager Magazin reported, sending Continental shares up 3.5%.

The four business areas – tires, autonomous driving, automotive, and ContiTech – would either be sold or put on the market, the magazine reported on Thursday, citing a company presentation.

The move could boost Continental’s value from its current level of around 17.5 billion euros ($19.92 billion) to 40 to 45 billion euros, an anonymous source told Manager Magazin.

Continental declined to comment on the article and said it did not currently have plans to alter the company’s structure.

Schaeffler did not immediately respond to a request for comment. Manager Magazin’s article did not elaborate on why the majority shareholder would object to the move.

Continental has taken a series of steps to restructure and boost profitability and shareholder value in recent years, including spinning off its powertrain division Vitesco last September.

Handelsblatt reported this month that the supplier’s automated driving business was to become its own legal entity from Jan. 1, 2023 and that it was considering a partial IPO.

($1 = 0.8787 euros)

(Reporting by Victoria Waldersee; editing by Jason Neely)