November 13, 2016 / 11:45 PM / 4 years ago

Exclusive: Siemens nears deal to buy Mentor Graphics - sources

Siemens AG logo is seen during official opening of headquarters in Munich, Germany, June 24, 2016. REUTERS/Michaela Rehle

SAN FRANCISCO (Reuters) - Siemens AG (SIEGn.DE), Europe’s biggest industrial group, is nearing a deal to buy Mentor Graphics Corp MENT.O, which makes software for designing semiconductors, for $4.5 billion to $4.6 billion in cash, according to people familiar with the matter.

The deal could be announced as soon as Monday, according to the sources, who requested anonymity because the matter is private.

Siemens and Mentor Graphics could not immediately be reached for comment.

Mentor Graphics has been under pressure since activist hedge fund Elliott Management Corp reported an 8.1 percent stake in the company in September and said its shares were deeply undervalued.

Reuters reported last month that Mentor Graphics was working with Bank of America Corp (BAC.N) to explore strategic alternatives, including a sale..

Reporting by Liana B. Baker in San Francisco; Editing by Lisa Von Ahn

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