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Continental AG offers 10 bln eur for Siemens VDO Automotive unit - report


Published : Mon, 04 Jun 2007 07:47
By : Agencies
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FRANKFURT (Thomson Financial) - Continental AG has offered 10 bln eur for Siemens AG's VDO Automotive unit, Handelsblatt reported, citing financial industry sources.

However, a Siemens spokesman reiterated that the conglomerate still prefers to list a minority stake in the unit instead of selling it outright.

Current plans call for Siemens to list between 25-49 pct of the company before its fiscal year ends on Sept 30.

The sources added that Continental's offer is not valid unless it is allowed to carry out a due diligence review of VDO Automotive prior to an acquisition.

Siemens has thus far denied Continental access to VDO Automotive's books, the sources added.

alfred.kueppers@thomson.com

amk/slj

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