Continental, the German maker of tyres and car parts, expressed optimism Wednesday for its business outlook in the next few years and reaffirmed its interest in buying Siemens' auto parts unit VDO.
In an interview with the specialist magazine Automotive News Europe, Continental chief executive Manfred Wennemer said: "We're still interested in taking over" VDO. "It's not a question of negotiations, it's a question of value," Wennemer said. "We've put forward a competitive offer. We're convinced that, at the end of the day, the best solution will be left for Siemens, for Continental and for Siemens VDO."
So far, Siemens has indicated it would prefer floating VDO on the stock exchange, rather than a straightforward sale. Sources have suggested that Continental is willing to pay just over 10 billion euros (13.4 billion dollars) for VDO. Turning to the business outlook, Wennemer said Continental was forecasting organic growth of around five percent per year in the coming years, both via new products and existing activities.