Tenneco Interested in Acquiring Parts of Continental AG’s VDO
From AFX News Limited FRANKFURT –Tenneco Inc. is interested in acquiring parts of VDO, the former automotive division of Siemens AG recently acquired by Continental AG, Tenneco’s executive vice president Hari Nair told Handelsblatt. "We will look closely at what of VDO could be put up for sale," he said. Handelsblatt said other potential buyers
VDO Head, Board Members to Leave Company Following Continental Takeover
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.
Continental AG and Siemens VDO Automotive AG Join Together to Form Automotive Supplier at Forefront of Global Market
With the biggest acquisition in its 136-year history, Continental AG, Hanover, is investing itself with what it calls excellent prospects for the future in a global market that, while demanding, is equally rich in opportunities.Continental is buying the Siemens VDO Automotive AG from Siemens AG, Berlin/Munich, for $15.6 billion. Today, the supervisory boards of Siemens AG and of Continental AG, in Munich and Hanover respectively, gave their consent for the transaction. Execution of the acquisition is contingent on the approval of the appropriate antitrust authorities. As per 2006, Continental and Siemens VDO Automotive AG realize aggregate annual sales of around $34 billion with a worldwide workforce of close to 140,000.
Continental AG, TRW Submit Bids for Siemens VDO Above $16.5 Billion Each
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.
Siemens VDO Opens Books to Continental and TRW
Siemens has allowed bidders to conduct due diligence on its automotive electronics business Siemens VDO Automotive (VDO), according to German daily Handelsblatt. The report says that both German tire manufacturer Continental and U.S.-based airbag manufacturer TRW Automotive have seen VDO’s books.
Continental AG Examines Other Major Acquisitions as Alternatives to VDO
Continental AG chief executive Manfred Wennemer said his company is currently examining three to five other major acquisition targets in case it fails to acquire Siemens AG’s automotive unit VDO, his spokesman confirmed.
Continental Speaking to Siemens about VDO
Continental AG is still in talks with Siemens AG about buying its VDO automotive electronics unit, Continental CEO Manfred Wennemer said, but he is prepared to be patient. "We are in regular talks," Wennemer told reporters late on Tuesday in remarks embargoed until today. "We are ready for an acquisition."
Continental AG Still Interested in Buying Siemens Unit VDO
AFX News Limited HANOVER, Germany — Continental AG is still interested in buying Siemens AG’s VDO Automotive unit, a spokesman for the company said. Siemens earlier today said the company plans to list part of the VDO unit by the end of September, with "preparations going at full speed." According to industry sources, Continental has
Siemens Says Continental AG Takeover Offer for VDO Not Convincing Enough
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.
Continental Affirms Interest in Siemens’ VDO Unit, Other Small Acquisitions
Continental AG board member Gerhard Lech said the automotive parts supplier is still interested in Siemens AG’s VDO car parts unit and is also assessing other possible acquisitions. Siemens AG is planning to spin off its VDO unit on June 1 and is seeking offers within the next nine days, according to a report yesterday in Financial Times Deutschland.