EU OKs $2.7bn Siemens takeover of UK rail firm

Apr 18, 2013

The European Union's antitrust body has cleared a 1.74 billion pound ($2.7 billion) takeover of a British rail technology company by German industrial conglomerate Siemens.

The European Commission, which acts as the 27-nation bloc's , said Siemens AG's takeover of Invensys PLC's rail division does not violate since the merged entity will continue to face strong competitors.

Siemens in November said the acquisition of Invensys Rail, which specializes in railway signaling software and technology, will strengthen its own automation unit based in Berlin.

The Munich-based company said Invensys Rail has about has around 3,200 employees and annual revenues of 775 million pounds.

Explore further: BlackBerry courts iPhone users with cash

not rated yet
add to favorites email to friend print save as pdf

Related Stories

EU clears Sybase takeover by Germany's SAP

Jul 20, 2010

European competition regulators on Tuesday approved German business software giant SAP's 5.8-billion-dollar (4.5-billion-euro) takeover of California-based Sybase.

Rail production that is fast and energy efficient

Mar 25, 2013

A new hardening technology used in the production of heavy duty rails saves energy and increases productivity. The Siemens' IdRHa+technology will now be used commercially for the first time in a production ...

Nokia Siemens axes services unit, 1,000 jobs at risk

Dec 05, 2012

Nokia Siemens Networks, a joint venture between Finnish and German engineering giants Nokia and Siemens, said Wednesday it is shutting down one of its German units with the potential loss of 1,000 jobs.

Siemens makes US acquisition in smart grid sector

Dec 05, 2011

German engineering giant Siemens said Monday it has agreed to buy eMeter, a US-based data management specialist, in a bid to enhance its position in the field of so-called smart grids.

Nokia Siemens to lay off 17,000 worldwide

Nov 23, 2011

(AP) -- Nokia Siemens Networks is slashing 17,000 jobs worldwide by 2013 - nearly 23 percent of its work force - as it strives to cut costs by euro1 billion ($1.35 billion).

Recommended for you

BlackBerry courts iPhone users with cash

5 hours ago

Canadian smartphone maker BlackBerry is wooing Apple customers with a cash offer for trade-ins of iPhones for its new square-screened, keyboard-equipped Passport.

HP earnings show continued struggle

6 hours ago

Venerable tech giant Hewlett-Packard has been struggling for three years to turn its business around. Its latest earnings show it still has more work ahead.

Apple market value hits $700 bn

12 hours ago

A rise in Apple shares Tuesday pushed the market value of the trend-setting US tech icon above $700 billion, becoming the first company to hit that milestone.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.