Shareholders of Austrian engineering group VA Tech have succeeded in raising the Siemens offer from euro 55 to euro 65 per share. The 18% increase makes the acquisition all but certain by adding around euro 150 million to the purchase price for Siemens, making a total of euro 975 million. Having revised its bid, which followed a defeated attempt to change VA Tech’s voting right restriction by laws, the German conglomerate has also demanded that VA Tech shareholders submit at least 90% of VA shares by 9 February for the bids to proceed. Previously, Siemens had intended to buy a 50% stake in the group but with 90% it will be able to remove the voting restriction rules and fully integrate the group.
In other acquisition news, Elsam, which is the target of a takeover bid by Sweden’s Vattenfall, has rejected the offer in favour of planned merger with DONG, its compatriot gas and oil major. Vattenfall could still spike that deal if it succeeds in gaining a minority stake in Elsam, Denmark’s largest generator, and is keeping its bid for a 67% stake in the group open.
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