Conti Purchase of Siemens VDO Officially Concluded

The Continental Corporation concluded its purchase of Siemens VDO Automotive AG on December 3, four days after the EU Commission issued its unconditional approval. The company remitted 11.4 billion, euros, including tax benefits of around 1 billion euros, to Siemens AG as payment for the purchase, and Conti reports that it intends to commence the Siemens VDO unit’s integration into the corporation immediately.

“With conclusion of the transaction, we have, in principle, taken the final step in our comprehensive preparation and are delighted that we can now welcome the employees at Siemens VDO as colleagues,” said Continental’s Executive Board chairman Manfred Wennemer. On December 5, the official first day of what Conti has dubbed the “new Continental”, Mr. Wennemer will welcome the employees at an internal event to be held at the former headquarters of Siemens VDO in Regensburg, Germany.