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Ad-hoc Announcement according to § 15 WpHG (Securities Trading Act) Siemens to acquire Dresser-Rand and to divest stake in BSH
The Supervisory Board of Siemens approved the decision of the Managing Board to enter into an agreement with Dresser-Rand (NYSE:DRC), which is listed on the New York Stock Exchange, to acquire all of the issued and outstanding common shares of Dresser-Rand by way of a friendly takeover bid. Siemens’ bid is unanimously supported by Dresser-Rand’s Board of Directors. The offer price is $83 per common share in cash, or a total transaction value of approximately $7.6 billion (approximately €5.8 billion). Siemens expects to close the transaction by summer 2015.
The Supervisory Board of Siemens approved the decision of the Managing Board to enter into an agreement with Dresser-Rand (NYSE:DRC), which is listed on the New York Stock Exchange, to acquire all of the issued and outstanding common shares of Dresser-Rand by way of a friendly takeover bid. Siemens’ bid is unanimously supported by Dresser-Rand’s Board of Directors. The offer price is $83 per common share in cash, or a total transaction value of approximately $7.6 billion (approximately €5.8 billion). Siemens expects to close the transaction by summer 2015.
At the same time, the Supervisory Board approved a further portfolio measure resolved by the Managing Board to enter into an agreement with Robert Bosch GmbH, according to which Bosch and Siemens have agreed that Bosch will acquire Siemens‘ 50 percent stake in the joint venture BSH Bosch und Siemens Hausgeräte GmbH (BSH). The purchase price will total €3 billion. In addition, Siemens and Bosch will each receive from BSH an additional distribution of €250 million before the transaction is completed. The transaction, which still requires regulatory approval, will probably be completed in the first half of calendar year 2015.