Siemens Hires Three Banks to Coordinate Possible VDO Automotive IPO
Siemens AG has hired Goldman Sachs Group Inc, Morgan Stanley and Deutsche Bank AG to act as lead coordinators for a possible initial public offering (IPO) of its VDO Automotive unit, Sueddeutsche Zeitung reported citing people familiar with the situation. The sources added that Siemens has not yet made a final decision on whether or not it will seek to list a minority stake in the unit, or sell it outright.
Siemens CEO Kleinfeld Says Preparation for Automotive IPO ‘On Schedule’
Siemens AG Chief Executive Klaus Kleinfeld said the company’s preparations for an initial public offering (IPO) of its VDO Automotive unit were progressing "on schedule." "This is a very attractive business, not only for us, but also for others," Kleinfeld said at a press conference in Munich. Siemens in January said it wanted to list a minority stake in the business, but it did not state an exact date for the IPO, which is expected to take place this calendar year.
Goodyear Close on Unit Sale
Tire and rubber industry analysts expect Goodyear to sell off its engineered products unit within the next few weeks, according to media reports. Continental AG has repeatedly said it was interested in acquiring the business from Goodyear, but it is not known if the German tire and automotive system maker is close to a deal.
Siemens Sticks to Plan for VDO Automotive Unit IPO
From Reuters via MEMA Industry News FRANKFURT — Siemens said it is sticking to its plan for an initial public offering of up to half of its automotive engineering unit VDO despite interest from potential buyers. The chief executive of German tire and car parts maker Continental this week reiterated his interest in buying VDO,
Conti Expresses Interest in Siemens VDO
AFX reported this week that Continental AG has expressed interest in acquiring TPMS-maker Siemens VDO. Siemens VDO is a unit of Germany’s Siemens AG. A Continental spokesman told AFX that the tire and automotive system giant is “available for talks” with Siemens but that it is up to Siemens. “We do not pressure anyone,” the
Conti Chief Sees North American Market Rebound
Continental AG chief Manfred Wennemer expects the North American tire industry to pick up this year, even though the industry still faces unstable and rising raw material costs. In an interview with Dow Jones during the ongoing North American International Auto Show in Detroit, Wennemer also said Conti is still interested in acquiring Goodyear’s engineered products group and certain portions of Delphi Corp.’s business.
The Top 10 News Stories of 2006
For the third year in a row, the editorial staffs of aftermarketNews and Counterman magazine take a look at the events that have had the most impact on the automotive aftermarket in the past year.
More Strikers Crossing Picket Lines, Goodyear Says
According to Associated Press reports, Goodyear officials said that “hundreds” of striking United Steelworkers employees have returned to their jobs at Goodyear plants. USW locals, however, dispute that assessment.
Investment Group May be Making Another Play for Conti
Various news reports out of Europe indicate that a consortium of investment companies may make a play to buy a controlling interest in Continental AG. Earlier this year, a group led by Bain Capital made an offer for the German tire and automotive supplier but was rebuffed. The latest reports say that Bain, General Capital, Goldman Sachs, Permira and KKR may join forces to purchase Continental.
ACCC Promotes Len Lewin to CEO, Names Ben Kravitz Chairman
American Car Care Centers Inc. (ACCC) announced that Len Lewin will lead the company as chief executive officer, effective Oct. 1. ACCC has also appointed Ben Kravitz as its new chairman of the board of directors, effective Oct. 1.