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EU: Siemens, Rolls-Royce engineering deal cleared

By  |  August 4, 2014

The European Commission announced Monday that it has offered approval for a tie-up between Germany’s Siemens and Rolls-Royce assets, according to reports.

Siemens will acquire Rolls-Royce for $1.3 billion in a move, the company says, will further cement the company in a market that is crucial to its engineering operations. Specifically, Rolls-Royce manufacturers electricity-generation turbines smaller than ones made by Siemens.

The Germany company first announced in May that it will acquire the civil energy unit. The companies’ agreement also included Siemens’ acquisition of Rolls-Royce’s 50 percent stake in its joint venture with John Wood Group, which services gas turbines. That aspect of the agreement was also approved by the Commission.

Full content: Wall Street Journal

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