Continental AG, TRW submit bids for Siemens VDO above 12 bln eur each - report |
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Mon, 23 Jul 2007 06:40
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FRANKFURT (Thomson Financial) - Continental AG and US automotive supplier TRW, which is backed by private equity company Blackstone, over the weekend submitted bids for Siemens AG's unit VDO that are each above 12 bln eur, Handelsblatt reported, citing sources within the financial industry.All three companies declined to comment, it said.Blackstone and TRW have vowed not to close any German factories to sweeten their offer for the automotive electronics unit VDO, media reported over the weekend.Siemens's supervisory board is expected to hold a meeting on Wednesday at which it will discuss whether to sell VDO to Continental or TRW rather than floating the unit in an initial public offering.maria.sheahan@thomson.commas/hjpCOPYRIGHTCopyright 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 receives three bids for its VDO unit, continues to favour IPO - report 