Siemens concludes merger with Dade Behring

By Susanna Moon

Chicago, Nov. 6 - Siemens Corp. said it completed the acquisition of Dade Behring Holdings, Inc.

"The acquisition of Dade Behring, which holds a strong position in clinical chemistry, ideally complements our acquisitions of Diagnostic Products Corp. and Bayer Diagnostics," said Erich R. Reinhardt, member of the managing board of Siemens AG and president and chief executive officer of Siemens Medical Solution, in a news release.

Siemens had extended its cash tender offer for Dade to midnight ET on Oct. 31.

A total of 66,159,433 shares, or 82.55%, of Dade Behring common stock had been tendered as of midnight ET on Sept. 26, the original offer expiration date.

Siemens, through its wholly owned subsidiary Belfast Merger Co., began the $77-per-share cash tender offer on Aug. 8.

The European Commission's initial investigation period was set to expire on Oct. 25. It was previously reported that the Hart-Scott-Rodino waiting period ended Sept. 17. The $7 billion deal had been expected to close in the first quarter of 2008.

Dade Behring, a clinical diagnostics company based in Deerfield, Ill., operates in 35 countries. The company had 2006 revenue of more than $1.7 billion.

Siemens is a subsidiary of Munich-based Siemens AG, which develops and manufactures electrical engineering products and electronics.

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