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Siemens (NYSE:SI) will acquire the rail division of London-based Invensys (IVNSF.PK)(IVNSY.PK) at a price of ₤1.74 billion, or $2.78 billion, to reinforce its signaling subsidiary and to assist in reducing its pension deficit. Invensys is more than a century old and now produces software employed in the London Underground’s subway trains. The firm decided to divest the asset due to its limited scope through which to expand the business and the sale will allow the firm to concentrate more on areas like industrial software. The transaction should close in the second quarter of 2013, according to a statement released Wednesday.
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In a Wednesday press release, 3M Company (NYSE:MMM) announced that its tender offer to acquire all issued and outstanding shares of common stock of Ceradyne (NASDAQ:CRDN) at a price of $35 per share was successfully concluded as the tender offer expired at 5:00 p.m. on Tuesday, November 27th. This ends the first phase of the two-step purchase.
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