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News

EU Antitrust clearance paves the way for Siemens to acquire Dade Behring

Siemens Healthcare Diagnostics UK : 25 October, 2007  (New Product)
The European Commission has given approval for Siemens’ acquisition of US-based laboratory diagnostics company Dade Behring.
Siemens now expects to complete the transaction smoothly after the expiration of the cash tender offer on Wednesday, October 31, 2007 - ahead of the originally anticipated and reported schedule for closing. Antitrust clearance from US 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 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 US-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.

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