The European Commission has extended its competition review of the EUR11.4bn acquisition by Continental of Siemens’ auto electronics unit VDO.
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A list of merger notifications distributed by the European Union executive showed the review deadline had been extended by 10 working days until 29 November from 15 November and said the extension was made after an offer of new commitments from the companies to offset competition concerns, Reuters reported.
Siemens and Continental reportedly said after the announcement of the extension that they still expected to close the sale during the current quarter.
Continental said the commission, the ultimate competition regulator in the European Union, had only a few issues regarding the deal and it would address them, according to Reuters.
The acquisition would make Continental one of the top five global automotive suppliers, within reach of domestic rival and industry leader Robert Bosch. As a result of the deal, Continental stands to double in size, the news agency added.
