Pressure from commercial banks may force Siemens' hand
A revolt by large shareholders of Austrian technology group VA Tech may force Siemens to increase its offer for the group. Despite attempting to abolish a bylaw that would have limited the voting rights of VA Tech, the move was rejected by the large commercial banks that hold a significant stake in the group. In order to complete its takeover, Siemens may have to increase its current offer of euro 55 per share to euro 60 or more. Shareholders have until 9 February to decide on the offer which currently values the group at euro 825 million.