Siemens says Continental AG takeover offer for VDO not convincing enough |
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Published
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Wed, 16 May 2007 16:41
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MUNICH (Thomson Financial) - Siemens AG said it has not received any convincing takeover proposal from Continental AG regarding Siemens automotive unit VDO.Siemens CFO Joe Kaser said Continental's offer is so far 'not a competitive alternative' to the IPO which Siemens itself is planning for VDO.The IPO therefore still remains the option for VDO, he added.Continental has said it is interested in acquiring VDO.marilyn.gerlach@thomson.comdp/mog/cmrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Siemens hires 3 banks to coordinate possible VDO Automotive IPO - report 