- Closing of transaction expected for beginning of December 2007
- Wennemer: Biggest step in corporate history
- Company has prepared integration to commence immediately after the
closing
HANOVER, Germany, Nov. 29 /PRNewswire/ -- 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
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Related links:
http://www.conti-online.com
http://www.mediacenter.continental-corporation.com
http://www.prnewswire.com/comp/437525.html /
CONTACT:
Dr. Heimo Prokop, Vice President Corporate
Communications, +49 511 938-1485, or Hannes Boekhoff, Head of
Press, +49 511 938-1278, both of Continental AG, Fax: +49 511
938-1055, prkonzern@conti.de
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