Sglogo_1

 

Events Reports Directory Forum Articles Job Post Resume Post Links Currency Archive Metal Rate Archive Glossary Import Duty Structure Incoterms 2000 Technical Info Trade Leads Currency Codes Contact Us Disclaimer Feedback Privacy Policy Site Map

 

FAIL (the browser should render some flash content, not this).

September 06, 2008


Siemens extends tender offer for acquisition of Dade Behring

Siemens announced that it has extended the expiration date for the cash tender offer for all outstanding shares of Dade Behring Holdings, Inc on October 31st 2007 as Siemens awaits merger control clearance by the European Commission.

The European Commission’s initial investigation period will expire on October 25th 2007, unless extended US antitrust clearance was already granted on September 17th 2007. Siemens expects to receive European merger control clearance and other regulatory approvals in time to close the transaction during calendar year 2007.

Mr Joe Kaeser CFO of Siemens stated that “We have made an attractive offer and do expect a smooth completion of the transaction after we have received full clearance from the antitrust authorities.”

While Siemens previously announced that it expected to close the transaction in the first calendar quarter of 2008, it now expects to close the transaction during the fourth quarter of calendar year 2007.

Following completion of the tender offer, any remaining shares of Dade Behring will be acquired in a merger at the same price. The transaction has a value of approximately USD 7 billion. The tender offer is being made by a subsidiary of Siemens pursuant to an Agreement and Plan of Merger dated as of July 25th 2007 by and among Siemens Corporation, its subsidiary, Belfast Merger Co and Dade Behring.

Siemens is a global powerhouse in electrical engineering and electronics. The company has around 475,000 employees working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of services for individual requirements. Siemens provides innovative technologies and comprehensive know how to benefit customers in over 190 countries. Founded more than 160 years ago, the company focuses on the areas of Information and Communications, Automation and Control, Power, Transportation, Medical, and Lighting. In fiscal 2006 Siemens had sales of EUR 87.3 billion and net income of EUR 3.033 billion.