Siemens on Friday repeated that it would float its VDO automotive electronics unit in an initial public offering (IPO) by the end of September.

Siemens said it would retain majority ownership and operational control of the unit after the IPO, according to a Reuters news agency report.

The report noted that Continental has made an indicative bid of over EUR10bn ($US13.4bn) for VDO, though Siemens has said that offer is not high enough.