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“By joining forces, pooling our innovative prowess and allying our leading positions worldwide in key market segments like safety, chassis, powertrain systems and telematics … we are extremely well placed to take on the global competition,” Wennemer said today in a statement.
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But late last month, Wennemer told the Automotive News Europe Congress that Siemens still favored a stock sale for VDO.Īt that time, Wennemer said Continental would keep the VDO name if its bid was accepted. On June 1, 2007, the division was spun off under the old name as 'Siemens VDO. On January 25, 2007, Siemens announced its intention to list its Siemens VDO Automotive division on the stock exchange, with the majority of the shares and industrial management remaining with Siemens. Siemens VDO’s focus is on powertrain controllers, engine and chassis electronics and navigation systems.Īs soon as Siemens announced plans in January for the stock sale, Wennemer and his top executives said Continental wanted to buy the unit. Within Siemens AG, the area was called 'Siemens VDO Automotive'. Continental specializes in chassis controls, brakes, tires and stability control. “They’ve been expanding into the electronic and control side of the business rapidly.”īosch is the world’s biggest auto supplier. “This looks like an excellent opportunity for Continental,” said Neil De Koker, president of the Original Equipment Suppliers Association in suburban Detroit. Last year, Continental bought Motorola Inc.’s automotive electronics business. The deal is a big win for Continental Chairman Manfred Wennemer, who wants to expand the auto parts and tire maker into a big auto supplier to rival Germany’s Robert Bosch GmbH. TRW and Blackstone today both declined to comment on the deal. and its largest shareholder, the Blackstone Group, a private equity firm. Both companies expect the deal to close by year end, pending approvals by regulators.īy choosing Continental, the Siemens supervisory board spurned a reported competing offer from TRW Automotive Inc. If you wish to see the entire case, please consult PACER directly. Governments website for federal case data. Continental’s offer is higher than Siemens VDO’s revenue of $13.4 billion in 2006. This item represents a case in PACER, the U.S. The decision ends long-discussed plans for a stock sale of the VDO unit.Ĭontinental said it will pay cash for Siemens VDO, raised by taking on new debt.