Siemens seen selling VDO, dropping IPO plan

Newswire

By Ralf Banser FRANKFURT, May 24 (Reuters) - The planned stock market flotation of automotive electronics firm Siemens VDO looks likely to be shelved after Continental AG made a bid seen at around 11 billion euros ($14.8 billion), analysts say. "The market is preparing itself for (parent) Siemens to sell VDO to Continental," said Heino Ruland, head of research at Frankfurt brokerage Steubing. "If the 11 billion euros turns out to be true, then Siemens would be well advised to sell VDO. ...

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