The European Commission has announced it will make its decision on its enquiry into the planned takeover of Siemens automotive components unit, VDO, by Continental on the 15 November.
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Continental is planning to take over the Siemens division for EUR11.4bn. The takeover would give Continental a turnover of around EUR25bn, making it the second largest European supplier after Bosch. The global workforce would be 140,000 people.
At the time the takeover was announced in July, Continental claimed the merged operations would give it “unsurpassed competence in chassis, safety, powertrain systems and infotainment.”
The merged Continental VDO operations would pool know-how in systems technologies like driver-assistance, environment sensors, telematics and electronic brakes and advance the integration of passive and active vehicular safety and also set new standards in the areas of traffic management and accident prevention, according to the company.
The two operations would also merge expertise in motors and hybrid technology and engine and transmission management systems to meetCO2 emission reduction goals.
