Continental AG to acquire Siemens VDO Automotive AG

The EU Commission has approved Continental AG's acquisition of Siemens VDO Automotive AG without conditions, and issued antitrust authority approval. This will enable Continental to close the transaction at 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," says 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 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, covers the megatrends in the upcoming years of safety, sustainability and information.

For more information about the Continental Corporation, visit the company's Web site.