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Siemens Works Council Not Opposed to VDO Sale to Financial Investor

Siemens AG’s works council is not opposed to a sale of automotive electronics unit VDO to a financial investor, the council’s head and deputy chairman of Siemens’s supervisory board Ralf Heckmann told Euro am Sonntag in an interview. "If we can get an assurance that jobs will be secure, we will approve a sale, even to a financial investor," he was cited as saying in an excerpt of an interview to be published on Sunday.

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From AFX News Limited

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FRANKFURT — Siemens AG’s works council is not opposed to a sale of automotive electronics unit VDO to a financial investor, the council’s head and deputy chairman of Siemens’s supervisory board Ralf Heckmann told Euro am Sonntag in an interview.

"If we can get an assurance that jobs will be secure, we will approve a sale, even to a financial investor," he was cited as saying in an excerpt of an interview to be published on Sunday.

However, the supervisory board still favors an initial public offering of the unit rather than a sale.

The board is meeting on Wednesday to discuss the unit’s future.

Earlier this week, industry sources said Continental raised its offer for VDO to about $15 billion from about $14 billion. Other sources said the joint bid by private equity company Blackstone and U.S.-based automotive supplier TRW is at about $16.5 billion.

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