Siemens eyes wide open for buys

CIOL Bureau
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FRANKFURT: Siemens chief Heinrich von Pierer reiterated that the German electronics and engineering giant was looking for acquisitions but said no deals were imminent.

"Of course we want to show growth through acquisitions. We are looking at some (possibilities) but nothing is concrete yet," Von Pierer said on Germany's ZDF television channel.

Siemens has a warchest of around 10-billion euros and analysts have said the group should look for small companies to strengthen its portfolio and grow market share in some of its key areas such as process automation and medical technology.

© Reuters