50% stake to cost €3 billion
Robert Bosch GmbH will acquire Siemens 50% stake in BSH for a cost of €3 billion, which has been approved by the Board of Management and Supervisory Board of Bosch, and the Managing Board and Supervisory Board of Siemens.
Siemens and Bosch will each receive an additional distribution of €250 million from BSH before the transaction is completed.
The transaction looks to be completed in the first half of 2015 and will see BSH become a wholly owned subsidiary of the Bosch Group. BSH will be allowed to produce and market household appliances under the Siemens brand over the long term.
Dr Volkmar Denner, chairman of the board of management of Robert Bosch said: “BSH has been a successful and profitable company for many years. Strategically and technologically, it is a perfect match for the Bosch Group.”
Siemens CFO Ralf P. Thomas commented: “The sale of our BSH stake is part of our drive to continue focusing very intensively on our core business. In a constantly strong partnership over the last few decades, Bosch and Siemens have made BSH a successful leader in the area of household appliances. By uniting continuity with new perspectives, I’m convinced that Bosch’s complete acquisition of BSH will offer BSH’s customers, distribution partners and employees a very solid and sustainable structure.”
Bosch and Siemens combined in 1967 and the company now claims to be Europe’s largest producer of household appliances. BSH had a revenue of €10.5 billion in 2013 and has 50,000 employees worldwide.