FRANKFURT May 28 German engineering group
Siemens is in final stage talks to sell its 50
percent stake in a household goods joint venture to partner
Robert Bosch, two sources familiar with the matter
said on Wednesday.
Siemens has been keen to exit BSH Bosch Siemens
Haushaltsgeraete, a company which makes vacuum cleaners,
freezers, stoves and washing machines, ever since it undertook a
strategy review earlier this year.
But auto supplier and engineering company Bosch, which has
the right of first refusal to acquire the stake, has yet to
agree the terms of any deal, the sources said.
The companies are seeking to reach an agreement in the
coming weeks over the valuation of the stake and how brand
rights for certain goods will be dealt with in future, they
Siemens and Bosch declined comment.
BSH posted earnings before interest and tax of about 509
million euros ($693 million) on revenues of 10.5 billion euros
in 2013. It has about 50,000 employees.
Siemens wants to shed the stake as it seeks to pursue
another deal with French engineering firm Alstom - most likely
in the form of a swap of power and rail assets - designed to
trump a $16.9 billion bid by General Electric for the
French firm's energy unit.
Bosch, a Stuttgart, Germany-based company which makes
ultrasound, radar and video sensors as well as spark plugs,
wants to tap into a growing market for internet-enabled devices.
Its focus on consumer-facing goods means household items is
still strategically relevant.
German daily Frankfurter Allgemeine Zeitung reported on
Wednesday that Siemens might sell its stake to Samsung
if it is unable to strike a deal with Bosch.
($1 = 0.7345 Euros)
(Reporting by Jens Hack and Ilona Wissenbach; Writing by Edward
Taylor; Editing by Arno Schuetze and Mark Potter)