Siemens paying for Invensys Rail out of liquidity

Written By Bersemangat on Kamis, 29 November 2012 | 17.56

FRANKFURT (Reuters) - Siemens AG is paying for its 1.74 billion pound ($2.8 billion) acquisition of Invensys' rail business out of existing liquidity, the Infrastructure & Cities division's finance chief said.

"Siemens will not take on any external debt as part of this deal," Hannes Apitzsch told journalists and analysts during a conference call on Thursday.

The deal, announced late on Wednesday, vaults Siemens well ahead of rivals in rail signaling, with a 17 percent market share, almost double the closest rivals Alstom and Ansaldo STS.

Siemens had almost 11 billion euros ($14.2 billion) of cash at the end of September.

(Reporting by Maria Sheahan)


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