Conti Ready to Flash the Cash
German tyre and automotive systems major Continental AG has said they would prefer to deal in cash during the potential takeover of Siemens AG’s VDO unit or Goodyear Tire and Rubber Co’s engineered products division, according to the company’s chief financial officer Allan Hippe.
‘We have too much cash,’ he said. He added that now was the right time for acquisitions as the industry is in consolidation mode. Conti chief executive Manfred Wennemer has also stated that the company would be pleased with a minority stake in VDO.
Continental AG has previously stated that it has about 4 billion euros at its disposal and can afford to engage in acquisition.