Conti Bidding 11b Euros for Siemens VDO

German business publication Manager Magazin reports that Continental AG is bidding nearly 11 billion euros for the Siemens’ VDO automotive electronics business. According to a summary of a story scheduled for publication in the magazine’s May 25 edition, Conti’s main rival for the acquisition of the Siemens division, US based TRW Automotive Holdings, has also made a comparable bid for the business. Private equity firms KKR and Permira are also interested in acquiring the business, the magazine added.

A Siemens spokesman has reportedly stated “The preparations for the planned stock exchange listing of Siemens VDO are running full steam ahead,” No further comment was made by either Siemens or Continental, and no representative from TRW could immediately be reached for a statement.