Siemens’ bid for Power Machines blocked by Russia

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Wednesday April 13, 12:15

Siemens’ bid for Power Machines blocked by Russia

(by Olivia Cohen)

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Siemens’ bid for Power Machines blocked by Russia

German electronic giant Siemens AG said Russia barred its planned acquisition of power engineering company Power Machines on the threat of disclosing defense sector secrets.

The acquisition met a fierce opposition from the military as Power Machines plays an important role in the secretive defense sector, according to the Federal Anti-Monopoly Service. The anti-monopoly service said that current legislation does not allow foreign companies to participate « in the production of military equipment.»

Russia will also limit «competition on energy equipment markets,» according to the service.

The deal, heavily criticised by the government officials, was about to bring Siemens 73% of Power Machines’ shares for between $200 million and $300 million in investments. The deal was rumored to get blessing from Russia’s President Vladimir Putin during his last summer’s visit to Germany.

Siemens was disappointed by the news. "The decisions of Russian authorities are often unpredictable. On the one hand we receive the decision of the anti-monopoly service with regret, but on the other Siemens will expand its work in Russian in the future, as before with its clients and partners on Russian market including the power equipment market," said a Siemens spokesman in Russia, Nikita Kukushkin.

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