Reuters: Technology News: Siemens paying for Invensys Rail out of liquidity

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Siemens paying for Invensys Rail out of liquidity Nov 29th 2012, 08:17 FRANKFURT | Thu Nov 29, 2012 3:17am EST FRANKFURT (Reuters) - Siemens AG is paying for its 1.74 billion pound ($2.8 billion) acquisition of Invensys' rail business out of existing liquidity, the Infrastructure & Cities division's finance chief said. "Siemens will not take on any external debt as part of this deal," Hannes Apitzsch told journalists and analysts during a conference call on Thursday. The deal, announced late on Wednesday, vaults Siemens well ahead of rivals in rail signaling, with a 17 percent market share, almost double the closest rivals Alstom and Ansaldo STS. Siemens had almost 11 billion euros ($14.2 billion) of cash at the end of September.

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