Siemens AG has received approval from the EU Commission for its bid to acquire Austria's VA Technologie AG (VA Tech). This decision concludes the antitrust review of the takeover offer made in December 2004. Upon closing, Siemens will hold 97.15 percent of VA Tech stock, with a purchase price of approximately 1 billion euros. Due to competitive reasons, European antitrust regulators did not approve the merger of VA Tech's hydropower activities with Siemens. Consequently, Siemens will initiate the sale of the VA Tech power generation unit.
In 2004, the metallurgy, power transmission and distribution, and infrastructure units, which will be integrated into Siemens, generated sales exceeding 3 billion euros and employed around 13,000 people. The VA Tech power generation unit reported sales of just under 900 million euros in 2004, with approximately 3,000 employees.
"The overall strategic goals have been reached with the takeover of VA Tech," stated Dr. Klaus Kleinfeld, CEO of Siemens AG. "Our focus was on the metallurgy and power transmission and distribution businesses, where VA Tech's portfolio and regional presence are an excellent fit for our Industrial Solutions and Services (I&S) and Power Transmission and Distribution (PTD) Groups, supporting their global growth targets. Furthermore, the integration of VA Tech's infrastructure activities will significantly strengthen Siemens' market position in Austria and drive business expansion in dynamic Eastern European markets. The antitrust conditions align with our expectations."
Albert Hochleitner, General Director of Siemens AG Österreich, commented, "The Commission's decision marks a milestone for the Siemens Group in Austria and the country's industrial landscape. Siemens will become one of Austria's largest industrial companies. After nearly a year of takeover formalities, we are moving towards a successful conclusion for all parties and will focus on swift integration."
Integration Plans
The infrastructure unit of VA Tech, comprising VA Tech Elin EBG and ai informatics, primarily operating in Austria and Eastern Europe, will be merged with Siemens Österreich. This merger will substantially enhance Siemens Österreich's portfolio and VA Tech's infrastructure business, establishing the largest Austrian provider of electrotechnical equipment, systems, and services for industry, building, communal infrastructure, and IT services. In fiscal 2004, VA Tech's infrastructure sector achieved sales of nearly 900 million euros with approximately 3,900 employees, enabling Siemens Österreich to pursue accelerated growth in Central and Southeast Europe.
Siemens will integrate VA Tech's metallurgy business, Voest Alpine Industrieanlagenbau (VAI), into its Industrial Solutions and Services (I&S) Group, headquartered in Erlangen, Germany. VAI, which reported sales of approximately 1.2 billion euros in 2004 with about 3,400 employees, will operate as a Siemens VAI Group Company based in Linz, Austria. This combination positions Siemens and VAI as global leaders in the development and construction of iron, steel, and aluminum plants. While VAI historically focused on mechanical plant construction solutions, I&S specialized in electrotechnical equipment. The merger will consolidate both mechanical and electrotechnical aspects under a single provider.
The power transmission and distribution (T&D) unit of VA Tech will be incorporated into the Siemens Power Transmission and Distribution Group (PTD), headquartered in Erlangen, Germany. This integration will reinforce Siemens' standing as a leading international company in this sector, providing a strong foundation for sustained growth. PTD will merge VA Tech's T&D business, including switchgear, transformers, and automation solutions, into its High Voltage, Transformers, Energy Automation, and Services Divisions. VA Tech T&D recorded sales of 1.1 billion euros in fiscal 2004, employing around 5,400 individuals.
Next Steps
Following the closing of the acquisition, Siemens intends to initiate a squeeze-out procedure to acquire remaining VA Tech shares and proceed with the delisting of VA Tech.
Contacts
Dr. Maria Lahaye-Geusen
Head of Media Relations
Siemens AG
Munich
Tel.: +49-89-636 36301
Dr. Karl Strasser
Company spokesman and General Secretary
Siemens AG Austria
Vienna
Tel: +43-5-1707 20003
Additional Information
For additional press releases on this topic:
Forward-Looking Statements
This document contains forward-looking statements regarding future events. These statements, identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and "will," are based on current expectations and assumptions and are subject to risks and uncertainties. Factors beyond Siemens' control may cause actual results to differ materially from those expressed or implied. Specific uncertainties include changes in economic conditions, currency exchange rates, interest rates, and the introduction of competing products. Siemens does not undertake any obligation to update or revise these statements.
Siemens AG
Corporate Communications
80312 Munich
Reference number: AXX 200507.45 e
Eberhard Posner
80312 Munich
Tel.: +49-89 636-33470; Fax: -32844
E-mail: eberhard.posner@siemens.com
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