Potential buyers of Siemens automotive unit VDO have until the end of the week to submit binding offers.

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“Those who want a chance to buy VDO will have to present a binding offer this week,” a “person familiar with the matter” told Financial Times Deutschland on Wednesday, according to Reuters.


The reports noted that Siemens has said it would consider all options though a share market listing is the company’s preference.


The supervisory board is expected to discuss VDO’s future at a meeting scheduled for 25 July and may subsequently decide to enter final talks with a single bidder, the paper said.


According to the reports, Continental and TRW are readying bids, the latter with private equity firm The Blackstone Group.

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A source “familiar with the situation” has told Reuters Continental is prepared to offer more than EUR10bn ($US13.80bn) for VDO, more than Siemens could expect to raise in an initial public offering.