Siemens readies for $6bn bid for Swiss rival

GMT 19:32 2014 Friday ,19 September

Arab Today, arab today Siemens readies for $6bn bid for Swiss rival

German technology giant Siemens
Frankfurt - AFP

German technology giant Siemens is set to launch a multi-billion-dollar bid for Swiss rival Dresser-Rand, according to a Friday media report that sent the conglomerate's share price soaring in New York.
A report in German weekly Manager Magazin that Siemens was prepared to pay more than $80 (62 euros) a share -- making for a potential deal of over $6.1 billion -- caused the company's share price to surge 10.65 percent by early afternoon on Wall Street.
If successful, the merger would create a market giant, with revenues in excess of five billion Swiss francs (4.1 billion euros, $3.2 billion) with 20,000 staff and a capitalisation of close to 8.0 billion Swiss francs.
A spokesman for Siemens declined to comment on the potential merger when contacted by AFP. Dresser-Rand also failed to respond to a request to comment.

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