This marks the conclusion of the antitrust review of the takeover offer made by Siemens AG Österreich (a company of the German Siemens corporation) in December 2004. After closing, Siemens holds 97.15 percent of the VA Tech stock. Following the closing, it is intended to initiate a squeeze-out procedure in order to buy out the remaining owners of VA Tech shares in scattered holdings and to undertake a delisting of VA Tech. The purchase price is approximately 1 billion euros.
To avoid possible objections on the part of the European antitrust regulators, Siemens offered to sell the hydropower business field bundled within VA TECH Hydro in May, which was subsequently accepted.
In a NEWS interview, Siemens CEO Albert Hochleitner announced that sales negotiations would immediately begin and that VA TECH Hydro would only be sold to a buyer willing to provide a job guarantee. Hochleitner promised in this connection to take special care that the "sensitive location Weiz would not be harmed".
(Source: aqua press Int. 3/2005)
