Bloomberg News

ThyssenKrupp, Siemens Deny Magazine Report of Merger Ambitions

February 13, 2012

Feb. 13 (Bloomberg) -- ThyssenKrupp AG and Siemens AG denied a magazine report they are seeking cooperation that may lead to an exchange of assets or an outright merger.

WirtschaftsWoche reported that ThyssenKrupp may seek a merger with Siemens in the long term as the German steel manufacturer may not be able to survive on its own, citing people close to ThyssenKrupp it didn’t identify. The article is inaccurate, and the companies aren’t in talks, a ThyssenKrupp spokesman said.

“ThyssenKrupp is among the few companies we have never discussed as a potential takeover target,” Siemens Chief Financial Officer Joe Kaeser said. The comment was first reported by Handelsblatt, and Philipp Encz, a spokesman for Munich, Germany-based Siemens, confirmed it.

Gerhard Cromme, who heads the supervisory boards of both companies, and Heinrich Hiesinger, a former executive at Siemens who now runs ThyssenKrupp, are gathering people around them to prepare such a maneuver, the magazine said. Berthold Beitz, head of the foundations that are the largest shareholders in ThyssenKrupp, also supports the idea, WirtschaftsWoche said.

--Editors: Thomas Mulier, David Risser

To contact the reporter on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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