Scout24 to explore sale or spin-off of autos portal: CEO

FRANKFURT (Reuters) – Scout24 (G24n.DE) will explore the potential sale or spin-off of its autos marketplace, CEO Tobias Hartmann said, responding to activist investor Elliott’s call to sell the business to boost shareholder returns.

“We can consider a range of options for AutoScout24 and will examine these with open mind. These could include a sale or spin-off,” Hartmann told Reuters in an interview after Scout24 said it would explore options for the autos platform.

A strategic overhaul announced last month that will see Scout24 restructure its property and autos businesses into independent verticals would deliver gains of 200 to 300 basis points in operating margins by 2021, Hartmann added.

Reporting by Alexander Huebner and Douglas Busvine; Editing by Tassilo Hummel

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