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Mannesmann, Bosch Deals Boost Siemens Strategy
Posted: 20-Mar-2000 [Source: Reuters]

[Siemens stock responds well to its increased communications focus.]

Frankfurt -- "Germany's Siemens AG (SIEGn.DE) boosted its focus on engineering and communications on Monday, striking a deal with rival Mannesmann's automotive systems unit VDO and buying Robert Bosch's cellphone business.

"Shares in Siemens, which have more than doubled in value since October as a newly streamlined focus and global technology stock euphoria drew investors, surged almost 10 percent to 175.24 euros on renewed interest in high-tech issues after fears of overvaluations sparked a sell-off last week.

"... Siemens, which with world leader Nokia (NOK1V.HE) dominates the German mobile phone handset market, has long said it would be in both it and Bosch's interests to merge their cellphone operations.

"Munich-based Siemens, which last month announced plans to merge its handset and network operations, aims to treble its global market share.

"Siemens also said it was holding further talks to buy DaimlerChrysler AG's (DCXGn.DE) information technology company Debis Systemhaus after business daily Handelsblatt reported Siemens and Deutsche Telekom AG (DTEGn.DE) were the only remaining candidates bidding for Debis.

"A Debis deal would boost the services component of Siemens's IT activities concentrated in its SBS business services unit.

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