> Industrial News > News   Continental acquires Siemens VDO   Siemens, Europe's largest engineering company by sales said on Jul. 25th that it will sell its VDO auto-parts unit to German rival Continental AG for €11.4 billion ($15.64 billion). A merger of Continental and VDO would make Continental the world's fifth-largest auto-parts supplier by sales. The purchase plan was approved by the European Commission late in this November. According to the plan, Continental AG needs to pay Siemens AG 11.4 billion euros and another 1 billion euros for taxes and benefits. The operation of Siemens VDO Automotive AG after purchasing will be reflected on the balance sheet of Continental AG from December 2007, according to Continental AG. Comment: The successful acquisition of Siemens VDO at 11.4 billion euroes makes Continental AG a strong power in the on-board navigation and PND industry, maintaining its original position of the world’s largest TCU provider. Continental AG’s action is just the first step to the connected vehicle world – the common understanding of automakers. The real value of the acquisition, however, consists in the seamless combination of navigation and telematics.   Time:2008-02-05 Source:NaviForum Shanghai News Center Relative