Siemens paying for Invensys Rail out of liquidity
FRANKFURT Nov 29 (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 signalling, 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.