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The eBearing News
April 17, 2000
Siemens, Bosch Win Bidding War
Over Thyssen to Acquire Atecs Mannesmann
copyright © 2000 eBearing Inc.
In a complex international agreement finalized yesterday, Siemens AG and Robert
Bosch GmbH will buy Mannesmann AG's Atecs Mannesmann operation for approximately € 9.1 billion
(USD $8.7 billion).
The purchase is in response to the unexpected attempt by Thyssen Krupp to buy the business
from Mannesmann. Thyssen Krupp sought to buy Atecs Mannesmann, rather than let Mannesmann go
through with an IPO for the unit which would also involve very large joint ventures with Siemens and Bosch.
[ the full story leading up to the Siemens Bosch bid ]
The various offers for Atecs Mannesmann from Thyssen Krupp, Siemens and Bosch had been
in front of Mannesmann's supervisory board on and off for weeks,
but Mannesmann's board was unable to agree on how the offers should be handled.
Mannesmann itself is being acquired by Vodafone AirTouch PLC, in a deal which
was only just approved by the European Union. Mannesmann's board eventually decided to
leave the decision to Vodafone's board.
The buyout precludes the Atecs Mannesmann IPO, but allows Atecs, Siemens and Bosch to go ahead
with plans for their huge multinational joint venture.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
trademarks of eBearing Inc.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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