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Mon, Jan. 25, 1:49 AM
- Siemens (OTCPK:SIEGY) has agreed to buy CD-adapco, a privately held U.S. engineering software firm, for close to $1B in cash, Reuters reports.
- The acquisition comes ahead of Siemens' annual shareholders meeting on Tuesday. Investors there intend to remind CEO Joe Kaeser that following several years of stagnation and restructuring, this year should be about delivering operational improvements and boosting profitability.
Sep. 11, 2015, 8:12 AM
- Halliburton (NYSE:HAL) -1.2% premarket following a NY Post article that says the Justice Department wants it to find a single buyer for ~$7.5B of assets instead of selling them to different suitors in order to gain approval of the company's proposed purchase of Baker Hughes (NYSE:BHI).
- DoJ’s single-buyer mandate leaves HAL with few options other than selling the package of assets to the likes of GE or Siemens (OTCPK:SIEGY), according to the report; it is not known if either company is willing to pay a reasonable price for the assets.
Jul. 29, 2015, 2:19 PM
- Bombardier (OTCQX:BDRBF +7.6%) says it is sticking with a tentative plan for an IPO of its rail business in Q4, and refutes an earlier report of merger talks with Siemens (OTCPK:SIEGY +0.2%) over the unit.
- An IPO or sale of the rail unit would help Bombardier pare debt that ballooned to more than US$9B during development of the CSeries jet, which has been delayed by more than two years and is ~US$2B over budget.
Jul. 29, 2015, 6:15 AM
- Bombardier ([[BDRAF, OTCQX:BDRBF) may combine its train business with Siemens' (OTCPK:SIEGY) rail unit, sources told WSJ, stating that the Canada-based company is simultaneously preparing to float a minority stake of its transportation unit.
- The news comes some months after Siemens downplayed the idea that it could combine its rail assets, which include trains, trams and signaling technology, with those of France's Alstom (OTCPK:ALSMY).
Jun. 29, 2015, 6:57 AM
- Siemens (OTCPK:SIEGY) has secured unconditional EU regulatory approval for its proposed $7.6B bid for Dresser-Rand (NYSE:DRC).
- "After a detailed assessment of the markets involved, the Commission is satisfied that European consumers will not be negatively affected by the merger," European Competition Commissioner Margrethe Vestager said in a statement.
- Siemens is looking to the deal to expand its presence in the United States and the shale exploration boom.
May 19, 2015, 11:57 AM
- Siemens' (OTCPK:SIEGY +0.2%) decision to sell $7.75B in bonds to pay for its acquisition of Dresser-Rand means it still has cash to bid for assets that Halliburton (HAL -2.6%) is preparing to sell, Bloomberg reports.
- Siemens took advantage of investor demand for dollar-denominated assets in yesterday’s debt sale, with a $1.75B tranche of 30-year bonds sold at a yield of 1.4 percentage points more than comparable treasuries; the sale helps the company retain ammunition for further deals.
- Siemens is said to be one of more than half a dozen companies eyeing the $5B-$10B in businesses that HAL is preparing to sell as it seeks regulatory approval for its acquisition of Baker Hughes.
Apr. 23, 2015, 5:49 PM
- At least a half-dozen major industrial companies - including GE, Caterpillar (NYSE:CAT) Siemens (OTCPK:SIEGY), Honeywell (NYSE:HON), Dover (NYSE:DOV), Danaher (NYSE:DHR) and Emerson Electric (NYSE:EMR) - are said to be weighing offers for oilfield services assets worth $5B-$10B that Halliburton (NYSE:HAL) is preparing to sell ahead of its pending merger with Baker Hughes (NYSE:BHI), Bloomberg reports.
- HAL reportedly will send offering materials to those companies, as well as P-E firms and rival oilfield services providers, in the coming weeks; first up likely will be the drill bits unit and another that uses data to track and steer the direction of drills.
- These companies could own an edge over oilfield services companies that analysts have pegged as logical bidders for HAL’s castoffs - such as National Oilwell Varco (NYSE:NOV) and Superior Energy Services (NYSE:SPN) - because HAL might not want to give any more market share to companies that already offer the same services, preferring to sell to new players entering the market.
Mar. 25, 2015, 2:10 PM
- European Union antitrust regulators have suspended their investigation into Siemens' (OTCPK:SIEGY -0.6%) $7.6B bid for Dresser-Rand (DRC -0.1%) while waiting for "important information" from the German company.
- Siemens says the deal is still on schedule and expects to close in the summer of 2015 or earlier, but says it cannot comment further on the EU's request.
- EU regulators have expressed concerns that the merged company would reduce competition in turbo compressors and drivers for trains.
Mar. 11, 2015, 7:46 AM
- EU antitrust regulators have extended their investigation into Siemens' (OTCPK:SIEGY) $7.6B proposed takeover of Dresser-Rand (NYSE:DRC), Reuters reports.
- The European Commission will now decide by July 14 instead of June 30 whether to clear the deal.
- Previously: European Commission to probe Siemens' proposed deal for Dresser-Rand (Feb. 13 2015)
Feb. 13, 2015, 11:42 AM
- The European Commission says it has opened an investigation to assess whether Siemens' (OTCPK:SIEGY +1.5%) proposed $7.6B acquisition of Dresser-Rand (DRC +0.1%) is in line with EU antitrust regulations.
- Siemens is seeking to reinforce its presence in the U.S. shale oil and gas industry through the deal; both companies supply turbo compressors as well as the engines which drive the compressors.
- The EC now has 90 working days, until June 19, to complete its probe.
Dec. 9, 2014, 4:43 AM
- Despite a decline in oil prices, Siemens (OTCPK:SIEGY) Chief Executive Joe Kaeser announces he would "not even think about walking away" from September's $7.6B Dresser-Rand (NYSE:DRC) deal.
- Siemens also see higher synergies from the Dresser-Rand purchase, and is now targeting 30% more savings from the acquisition. The group previously said it expected more than €150M in annual synergies by 2019.
- Previously: Siemens agrees to buy Dresser-Rand for $7.6B (Sep. 22 2014)
Nov. 13, 2014, 7:16 AM
- Rolls-Royce (OTCPK:RYCEY) expects to complete the sale of its energy gas turbine business to Siemens (OTCPK:SIEGY) by the end of the year, paving the way for a £1B ($1.58B) share repurchase.
- The company also affirmed its full-year earnings guidance which it had lowered last month when it announced a major cost cutting drive to boost profitability.
- Previously: Siemens unveils overhaul, confirms $1.3B deal for Rolls-Royce energy business
Nov. 6, 2014, 4:27 AM
- Siemens (OTCPK:SIEGY) is selling its hearing-aid unit to P-E firm EQT Partners and Santo Holding in a deal valued at €2.15B ($2.68B). EQT’s goal is to position the business for an eventual IPO.
- The announcement comes as Siemens reported €1.45B in net profit for the fourth quarter, a 44% increase. Despite the profit boost, the company expects revenue to remain flat next year.
- The divestiture of Siemens Audiology Solutions follows the recent sales of two other parts of Siemens' health care business, hospital information-technology and microbiology.
- Previously: Siemens to shed hearing-aid business
Oct. 22, 2014, 2:54 AM
- Siemens (OTCPK:SIEGY) is in advanced talks to sell its hearing-aid business, which could be valued at up to €2B ($2.55B), WSJ reports.
- P-E firm Permira Holdings is bidding for the hearing-aid unit by itself, while rival EQT Partners, may form a consortium with hearing aid maker GN Store Nord (OTCPK:GNNDY) to acquire the assets.
- Siemens tried to sell the unit in 2010 but was unable to find a buyer due to its declining operating profit at the time.
Sep. 22, 2014, 7:25 PM
- Siemens (OTCPK:SIEGY) lost out to GE for Alstom's gas turbine business earlier this year but has now acquired Dresser-Rand (NYSE:DRC), a major supplier of equipment such as compressors and gas turbines used to exploit shale resources.
- But Siemens is paying up for the privilege, writes Heard On The Street's Thao Hua, at more than 14x the consensus estimate for Dresser's 2015 EBITDA - higher than previous deals in the sector and far higher than Siemens' own multiple of ~9x.
- The rate of growth in the gas turbine sector is falling, estimated to hit a trough in 2015 by Siemens' own metrics; the company expects the market will heat up again at an assumed annual growth rate of 6%-8%, but that remains to be seen.
- In terms of synergies, Siemens' scale and wide reach present opportunities to raise DRC's margins and revenue growth, but expectations of €150M ($192M) of annual synergies isn't expected to be reached until 2019.
Sep. 22, 2014, 1:57 AM
- After much speculation, Siemens (OTCPK:SIEGY) has announced that it would buy Dresser-Rand (NYSE:DRC) for $7.6B, and says that its $83/share bid was unanimously supported by Dresser-Rand's board of directors.
- Siemens also announced the sale of its 50% stake of household goods joint venture BSH to partner Robert Bosch for €3B ($3.9B).
- Siemens expects to close the Dresser-Rand deal by summer 2015, while it aims to complete the sale of its BSH stake in the first half of 2015.
- Previously: Siemens close to acquiring Dresser-Rand for $6B
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