Create a free Manufacturing.net account to continue

EU Regulators Extend Probe Into Continental's VDO Bid

European Commission likely to consider commitments that could be offered by the German manufacturer to allay fears its $16.6 billion purchase of Siemens' VDO could hinder competition.

BRUSSELS, Belgium (AP) β€” The European Union extended its antitrust probe Tuesday into German car parts maker Continental AG's β‚¬11.4 billion (US$16.6 billion) bid for Siemens AG's VDO unit, which makes electronics used in cars.
 
The European Commission said it extended its investigation deadline by which to reach a decision into the deal to Nov. 29, likely to take into consideration new commitments that could be offered by Continental to allay regulator fears its purchase of the VDO unit could hinder competition in the European market.
 
Siemens said in July it would sell off its VDO unit, which has annual sales of approximately β‚¬10 billion (US$13.7 billion), to Continental, which manufactures brake systems, chassis components, vehicle electronics and tires.
 
Munich-based Siemens is Europe's biggest engineering company, making everything from cell-phone network components to trains.
More in Supply Chain