Continental drops bid for South Korea’s Mando

Reuters / November 04, 2005

SEOUL — Germany’s Continental AG has dropped out of a race to buy South Korean auto parts maker Mando Corp., cutting the bidders to three including Siemens and Hyundai Motor, a Mando official said on Friday.

Unlisted Mando has been put up for sale by its majority shareholder — a consortium between buyout firms JP Morgan Partners and Affinity Equity Partners — after it paid $446 million in 2000 for a 72.3 percent stake in the Korean firm.

The consortium has been reported…

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