Continental Bids for VDO

Siemens has received a Euro 11 billion ($14.8bn) bid for its VDO automotive electronics business from German car parts supplier Continental, following its announcement in late April that it would pursue a flotation on the Frankfurt stock exchange.

German magazine Manager reported Continental's bid and said that private equity firms Kohlberg Kravis Roberts and Permira had also shown an interest. US peer TRW Automotive is also believed to have made an indicative offer for the VDO business.