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Continental AG In Talks to Spin Off VDO Electric Motor Drives Unit
5 November 2007
Handlesblatt. Continental AG (Nachrichten/Aktienkurs) is in talks to spin off the Electric Motor Drives, part of Siemens VDO (Nachrichten), the acquisition of which it is seeking to finalize.
The European Commission is set to decide on the €11.4 billion VDO acquisition on 15 November. Until then, Continental is not allowed to negotiate the spin-off of parts of VDO.
Handelsblatt said German automotive parts supplier Brose and an unnamed Japanese company are interested in acquiring Electric Motor Drives, citing sources close to the talks. It said industry sources put the sale price at around €500 million.
November 5, 2007 in Brief | Permalink | Comments (0) | TrackBack (0)
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