Continental AG: EU Commission Approves the Acquisition of Siemens VDO Automotive AG
(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)
6755 Snowdrift Road
Allentown, PA, 18106
Press release date: November 29, 2007
o Closing of transaction expected for beginning of December 2007
o Wennemer: Biggest step in corporate history
o Company has prepared integration to commence immediately after the closing
HANOVER, Germany, Nov. 29 -- 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
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, email@example.com
Web site: http://www.conti-online.com/ http://www.mediacenter.continental-corporation.com/