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Siemens’ unit to merge with parent co
The Siemens Healthcare Diagnostics scrip came under selling pressure on Tuesday and closed 5 per cent lower at Rs 1,127.65 on the BSE, a day after Siemens Ltd board announced the merger of Siemens Healthcare with itself. The appointed date of the merger was October 01, 2009.
The Siemens Healthcare Diagnostics scrip came under selling pressure on Tuesday and closed 5 per cent lower at Rs 1,127.65 on the BSE, a day after Siemens Ltd board announced the merger of Siemens Healthcare with itself. The appointed date of the merger was October 01, 2009.
However, the Siemens Ltd scrip closed with a gain of 1.81 per cent at Rs 536.35 indicating that the merger would benefit Siemens’ shareholders.
On Monday evening the board of directors of Siemens had considered the share exchange ratio of two equity shares of the face value of Rs 2 each of Siemens Ltd for every one equity share of the face value of Rs 10 of Siemens Healthcare.
Independent valuers—Deloitte Touche Tohmatsu India and ICICI Securities had jointly determined this share swap ratio.
“With this merger, we will be able to strengthen our healthcare portfolio and make Siemens one of the leading integrated healthcare companies to provide in-vitro and in-vivo diagnostic solutions in the Indian market,” said Armin Bruck, managing director, Siemens Ltd.
“The complimentary portfolios of the two companies will raise synergies in leveraging a combined customer base and thus expanding the installed base in India,” he said.
Siemens Healthcare focuses on Immunodiagnostics and the clinical chemistry business, with a significant presence in critical care, hematology, microbiology and plasma protein. Siemens AG’s wholly owned subsidiary, Siemens Diagnostic Holding II B.V., Netherlands holds 68.73 per cent equity stake in Siemens Healthcare. The proposed merger of the company with Siemens Ltd is subject to requisite approvals.
