Siemens Receives EU Antitrust Clearance for Acquisition of Dade Behring
Siemens today received approval by the European Commission for the acquisition of U.S.-based laboratory diagnostics company Dade Behring Holdings, Inc. (Nasdaq GS: DADE). Siemens now expects to complete the transaction smoothly after the expiration of the cash tender offer on Wednesday, October 31, 2007, 12:00 midnight (EDT) – ahead of the originally anticipated and reported schedule for closing. Antitrust clearance from U.S. authorities was granted on September 17, 2007.
“We are pleased with the European Commission’s decision,” said Prof. Dr. Erich R. Reinhardt, member of the Managing Board of Siemens AG and president and CEO of Siemens Medical Solutions. “Complementing last year’s acquisitions of Diagnostic Products Corporation and Bayer Diagnostics, this transaction positions Siemens as a leader in the highly attractive and rapidly growing market for laboratory diagnostics.”
Following the expiration of the cash tender offer for all outstanding shares of Dade Behring on Wednesday, October 31, 2007, 12:00 midnight (EDT), any remaining shares of Dade Behring will be acquired in a merger at the same price. Upon completion of the acquisition, which is expected during calendar year 2007, the company will be merged with Siemens Medical Solutions Diagnostics, a U.S.-based subsidiary and part of Siemens Medical Solutions, well ahead of the previously announced schedule for a closing in the first calendar quarter of 2008. Subject to the satisfaction of the conditions to the completion of the tender offer, Siemens expects to accept all shares of Dade Behring validly tendered as of 12:00 midnight (EST) on Wednesday, October 31, 2007.
The transaction has a value of approximately $7 billion.
Siemens (Berlin and Munich) is a global powerhouse in electrical engineering and electronics. The company has around 475,000 employees (incl. discontinued operations) working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of services for individual requirements. Siemens provides innovative technologies and comprehensive know-how to benefit customers in over 190 countries. Founded more than 160 years ago, the company focuses on the areas of Information and Communications, Automation and Control, Power, Transportation, Medical, and Lighting. In fiscal 2006 (ended September 30), Siemens had sales of €87.3 billion and net income of €3.033 billion, according to U.S. GAAP. Further information is available on the Internet at: www.siemens.com.
Siemens Medical Solutions of Siemens AG is one of the world’s largest suppliers to the healthcare industry. The company is known for bringing together innovative medical technologies, healthcare information systems, management consulting, and support services, to help customers achieve tangible, sustainable, clinical and financial outcomes. Recent acquisitions in the area of in-vitro diagnostics – such as Diagnostic Products Corporation and Bayer Diagnostics – mark a significant milestone for Siemens as it becomes the first full service diagnostics company. Employing more than 41,000 people worldwide and operating in over 130 countries, Siemens Medical Solutions reported sales of €8.23 billion, orders of €9.33 billion and group profit of €1.06 billion for fiscal 2006 (Sept. 30), according to U.S. GAAP. Further information can be found by visiting www.siemens.com/medical.
About Dade Behring
With 2006 revenue of more than US$1.7 billion, Dade Behring offers a wide range of products, systems and services designed to meet the day-to-day needs of clinical laboratories, delivering innovative solutions to customers and enhancing the quality of life for patients. Additional company information is available on the Internet at www.dadebehring.com.
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