Continental AG has received the EU Commission’s approval for the
acquisition of Siemens VDO Automotive AG without conditions. Antitrust
authority approval had already been issued by the national offices
responsible. This enables Continental to close the transaction in the
beginning of December and transfer the purchase amount, EUR11.4 billion
including tax benefits of around EUR1 billion, to Siemens AG. The
integration of Siemens VDO into the Continental Corporation will begin
immediately after closing.
“We are delighted that, having received the approval of the EU
Commission, we can now shortly conclude the purchase of Siemens VDO and,
in so doing, take the most momentous step in Continental’s corporate
history,” said Continental Executive Board chairman Manfred Wennemer.
“We will soon enjoy the dividends of having quickly pushed ahead with
the integration planning, which just got under way some four months ago.
At the beginning of December we can jointly tackle the major task of
building the new Continental AG - at optimal operating temperature, so
to speak. An equally exciting and challenging period lies ahead in which
the new Continental team will demonstrate the enormous talent and
capabilities it now has at its disposal.”
Upon conclusion of the transaction, Continental will rank globally
among the top five in the automotive supplier industry, with sales of
more than EUR25 billion and approximately 140,000 (Basis 2006)
employees. The acquisition of Siemens VDO Automotive AG represents for
Continental the logical next step in its evolution as an integrated
systems supplier. At the same time the future product portfolio, with
leading market positions worldwide, excellently covers the megatrends in
the upcoming years of safety, sustainability and information. The new
Continental thus stands for intelligent and highly innovative mobility
in the future, making it an even stronger partner to the automotive
industry.
The Continental Corporation is a leading
automotive supplier of brake systems, chassis components, vehicle
electronics, tires and technical elastomers. In 2006 the corporation
realized sales of EUR14.9 billion. At present it has a worldwide
workforce of around 89,000
Source: Continental AG Press
Release