By joining forces, pooling our innovative prowess and allying our leading positions worldwide in key market segments like safety, chassis, powertrain systems and telematics/infotainment, we are extremely well placed to take on the global competition and to profit from all mega-trends in our branch of industry," said Continental Executive Board chairman Manfred Wennemer. "Together Continental and Siemens VDO Automotive AG, two companies rich in tradition and endowed with an enormous performance capability, have the once- in-a-lifetime opportunity to forge a global frontrunner in the automotive supplier sector. As per 2006, Continental and Siemens VDO Automotive AG realize aggregate annual sales of around 25 billion euros with a worldwide workforce of close to 140,000.
Execution of the acquisition is contingent on the approval of the appropriate antitrust authorities. On Wednesday the supervisory boards of Siemens AG and of Continental AG, in Munich and Hanover respectively, gave their consent for the transaction. In so doing, it is advancing to a position among the top five worldwide in this industry. Continental is buying the Siemens VDO Automotive AG from Siemens AG, Berlin/Munich, for 11.4 billion euros. HANOVER, Germany, July 25 - With the biggest acquisition in its 136-year history, Continental AG, Hanover, is investing itself with excellent prospects for the future in a global market that, while demanding, is equally rich in opportunities. O Wennemer: "Fair price paid" - attractive financing conditions O Creative power of employees indispensable in carrying through integration O Consolidated innovative prowess and broad product portfolio with top technologies O Unsurpassed competence in chassis, safety, powertrain systems and infotainment
O Biggest purchase in Continental's history clears way to excellent future prospects
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