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Siemens receives three bids for its VDO unit, continues to favour IPO - report


Published : Tue, 19 Jun 2007 08:29
By : Agencies
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FRANKFURT (Thomson Financial) - Siemens AG has received three bids for its automotive unit VDO but continues to favour a public offering, Handelsblatt reported, citing company sources.

'The IPO is clearly the number one option,' a Siemens spokesman told the newspaper.

According to the report Continental AG and TRW Automotive have submitted a bid. The third bid may have been made by financial investors KKR and Permira, the newspaper cited industry sources as saying.

All three bidders are now to receive detailed VDO figures for further examination, the report added.

judith.csaba@thomson.com

jcs/slm

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