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Continental Officially Concludes Purchase of Siemens VDO Automotive AG

- Integration begins with "Day One" on December 5 - Executive Board chairman Wennemer will welcome new employees in Regensburg

Hanover, December 3, 2007. The Continental Corporation has concluded the purchase of Siemens VDO Automotive AG. Four days after the EU Commission issued its go-ahead without conditions, the company remitted payment for the purchase, in the amount of €11.4 billion, including tax benefits of around €1 billion, to Siemens AG. The integration of Siemens VDO into the Continental Corporation can thus commence immediately.

“With conclusion of the transaction, we have, in principle, taken the final step in our comprehensive preparation and are delighted that we can now welcome the employees at Siemens VDO as colleagues,” said Continental’s Executive Board chairman Manfred Wennemer. On December 5, the official “Day One” of the new Continental, he will welcome the employees at an internal event to be held at the former headquarters of Siemens VDO in Regensburg.

With sales of more than €25 billion (based on 2006 figures) and approximately 140,000 employees, Continental ranks among the top five globally in the automotive supplier industry. The acquisition of Siemens VDO Automotive AG represents the logical next step in Continental’s evolution as integrated systems supplier. The future product portfolio, with leading market positions worldwide, excellently covers what will clearly be the predominant trends in the upcoming years – safety, protection of the global climate and networked communication. The new Continental thus stands for intelligent and highly innovative mobility in the future and is now an even stronger partner to the automotive industry.

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