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EU approves 'momentous' Continental acquisition

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The European Union Commission has approved Continental AG's acquisition of Siemens VDO Automotive. Continental will close the deal in early December.

Continental will pay 11.4 billion euros to Siemens AG for the unit.

The transaction represents "the most momentous step in Continental's corporate history," says Continental Chairman Manfred Wennemer.

"At the beginning of December, we can jointly tackle the major task of building the new Continental AG."

The acquisition will give Continental some 25 billion euros in annual sales.

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