American private equity company Blackstone and US-based automotive supplier TRW have vowed not to close any German factories to sweeten their reported offer of around 12 bln eur for Siemens (NYSE:SI) AG's automotive electronics unit VDO, reported the Frankfurter Allgemeine Zeitung.
Citing sources close to negotiations between the companies, the report said Blackstone has told Siemens that it would not close down any production facilities, would keep VDO's headquarters located in Munich and would cut 'next to no' jobs in Germany.
Earlier last week, Siemens' works council said it is not opposed to a sale of automotive electronics unit VDO to a financial investor.
Meanwhile, industry sources said Continental AG raised its rival offer for VDO to about 11 bln eur from 10 bln, in a counter bid to the joint bid by Blackstone and TRW, which sources said is valued at about 12 bln eur.
Blackstone, TRW vow not to close German plants if they buy Siemens VDO
Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods. Buyer service: buyer-support@gasgoo.com Seller Service: seller-support@gasgoo.com
All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: autonews@gasgoo.com
Related Articles
