From AFX News Limited

FRANKFURT -- Several management board members of Siemens AG unit VDO, including its head Wolfgang Dehen, are planning to leave the company following the planned take over by Continental AG, Mittelbayerische Zeitung reported. Siemens announced in July that it is selling its VDO division to Continental for $15 billion.

According to the report, Dehen will be stepping down from automotive electronics maker VDO, together with Klaus Egger and Reinhard Pinzer, leaving Helmut Matschi the only current management board member to remain in office. He is to be one of three managers to lead VDO as a Continental unit in the future, the newspaper said.

A Continental spokesman told the newspaper that VDO is to remain an Aktiengesellschaft (AG), the German legal form for a public limited company.

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