Continental buys Siemens' automotive unit

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Continental AG has acquired Siemens VDO Automotive AG for 1.4 billion euros. The companies' combined sales equal around 25 billion euros, say Continental officials.

"Purchase price includes future tax benefits for Continental, the net present value of which has been determined at approximately one billion euros and... do not result in any loss of revenue for the fiscal agencies.

"Execution of the acquisition is contingent on the approval of the appropriate anti-trust authorities."

Closing is expected to take place near the end of the fourth quarter of 2007. "Integration will be concluded by the end of 2009."

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