Siemens Receives Three Bids for VDO Unit, Continues to Favour IPO

(Akron/Tire Review) Siemens AG has received three bids for its automotive unit VDO but continues to favour a public offering, German newspaper Handelsblatt reported, citing company sources. “The IPO is clearly the number one option,” a Siemens spokesman told the newspaper. According to the report, Continental AG and TRW Automotive have submitted a bid. The third bid may have been made by financial investors KKR and Permira, the newspaper said, citing industry sources. All three bidders are now to receive detailed VDO figures for further examination, the report added.