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Siemens Sells VDO To Continental

VDO auto parts unit sold to German tire maker for $15.67 billion.

FRANKFURT, Germany (AP) - Siemens AG said Wednesday it will sell its VDO auto parts unit to Germany's Continental AG in an euro11.4 billion (US$15.67 billion) deal, ending speculation that it was going to spin off the unit.

Munich-based Siemens said that decision to sell the unit to the Hanover-based auto parts supplier and tire maker was made after a meeting of its supervisory board.

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