From AFX News Limited
FRANKFURT — 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 $16.5 billion, Handelsblatt reported, citing sources within the financial industry.
All three companies declined to comment, the report said.
Blackstone and TRW have vowed not to close any German factories to sweeten its 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.
Copyright 2007 AFX News Limited. All Rights Reserved.