Hanover, Germany -- Continental AG will acquire the automotive products business of Siemens VDO Automotive AG for â‚¬114 million.
The transaction was approved on Wednesday 25 July by the supervisory boards of Siemens and Conti and assuming there are no delays in antitrust clearance, the transaction should close at the end of the fourth quarter and integration will be concluded by the end of 2009, said Conti, in a 25 July statement.
The statement said that the purchase price includes future tax benefits for Conti, which are estimated to be around â‚¬100 million and which do not result in any loss of revenue for the fiscal agencies.
Conti said that it expects to make synergy savings of about â‚¬170 million per year as of 2010. ss
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Press release from Conti