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CEO says financial crisis creates takeovers

The worldwide credit crisis is paving the way for large companies to acquire smaller, struggling players in the industry, according to a statement from Siemens chief executive, Peter Loescher, in Germany.

The Reuters report states that Loescher has already begun considering takeover bids amidst the financial uncertainty.

“Attractive possibilities have begun to appear. We will take advantage of the opportunities in the crisis,” Loescher said in an interview in a Frankfurt newspaper, Euro am Sonntag, as reported by Reuters.

Siemens is one of the world’s largest industrial and electrical engineering companies, based in Germany, with offices around the world including in Melbourne, Australia.

The company provides solutions for the water, energy, environment, healthcare, productivity, mobility, safety and security industries.

According to the Reuters report, Siemens had already made “financial and strategic” plans ahead of the crisis, which includes a sum of 6 billion euros (AU$11 billion) and a further 8 billion in the form of syndicated credit lines.

Siemens Australia can be contacted by visiting or calling 137 222.

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