Siemens to sell stake in household appliances JV for 3 bln eur

Reuters

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A visitor attends a presentation at Siemens stand during the IFA Electronics show in Berlin September 4. Photo credit: Reuters A visitor attends a presentation at Siemens stand during the IFA Electronics show in Berlin September 4. Photo credit: Reuters
Industrial conglomerate Siemens AG said it would sell its 50 percent stake in household appliances joint venture Bosch und Siemens Hausgeräte GmbH (BSH) to Robert Bosch GmbH for 3 billion euros ($3.85 billion).
Siemens and Bosch said in an emailed statement that BSH would pay them an additional distribution of 250 million euros before the deal completes.
Siemens AG said on Monday it would buy U.S. oilfield equipment maker Dresser-Rand Group Inc for $7.6 billion, in a move that would significantly boost the German company's oil and gas business in North America.
Reuters reported on Sunday that the companies were nearing a deal.
(1 US dollar = 0.7786 euro)

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