Siemens to offer extra time

Siemens may allow more time to the two shortlisted bidders for its defence electronics businesses to firm up their offers. British Aerospace, linked with Germany’s Dasa, and France’s Thomson-CSF are chasing businesses which include Siemens Plessey Systems in the UK. GEC was eliminated from contention last week. Siemens wanted to complete negotiations for the sale […]

Siemens may allow more time to the two shortlisted bidders for its defence electronics businesses to firm up their offers.

British Aerospace, linked with Germany’s Dasa, and France’s Thomson-CSF are chasing businesses which include Siemens Plessey Systems in the UK. GEC was eliminated from contention last week.

Siemens wanted to complete negotiations for the sale by the end of its financial year on 30 September, but now indicates that it could permit more time.

`Our experience of acquisitions is that you have to set target dates but whether they’re met or not depends on how much more information the bidders require,’ Siemens said. British and German government approval will be required.

Talks start today to conclude an agreement with one of the bidders. An additional period of due diligence ends next week.