EU approves Continental's acquisition of Siemens VDO

ERJ staff report (DS)

Hanover, Germany -- 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, €11 400 million including tax benefits of around €1000 million, to Siemens AG. The integra­tion of Siemens VDO into the Continental Corporation will begin immediately after closing.

"At the beginning of De­cember," continued Wennemer, "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.”

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Press release from Continental