RNS Number:9551E
Siemens AG
08 November 2004


Siemens                               Press Presse Prensa





          For the business and financial press
          Munich, November 8, 2004


Siemens acquires Victory Industriebeteiligung AG and prepares
takeover bid for VA Tech


Siemens AG Osterreich has signed on Nov. 7, 2004 an agreement to acquire
Austria's Victory Industriebeteiligung AG. Directly and indirectly, Victory
holds a roughly 16% stake in VA Technologie AG (VA Tech). As a result of the
Victory acquisition, Siemens has informed the boards of VA Tech, the boards of
Osterreichische Industrie Holding AG (OIAG) and the Austrian government that it
will participate in VA Tech's capital increase which is expected later this
month. Furthermore, Siemens has informed the Austrian takeover panel about its
plans to shortly submit a voluntary takeover bid for all of VA Tech outstanding
shares. "The offer price of Euro55 per share is a very fair offer which also takes
into account the recent share's price development of VA Tech," said Heinrich v.
Pierer, President and CEO.



With annual sales of some Euro3.9 billion and 17,500 employees, VA Tech is one of
Austria's largest technology companies and service providers. The company is an
international leader in the areas of metallurgy systems, hydro power generation
equipment, power transmission and generation, and infrastructure systems. In the
context of the planned takeover Siemens intends to integrate the company into
its own organization. The offer will be subject to internal and various
regulatory approvals and will have to take into account the terms of the
existing Voith-Siemens Hydro joint venture.



Combining VA Tech's business activities with those of Siemens will enhance the
product, service and regional reach of the combined entity and hence be
beneficial for our customers, the employees and the shareholders. The advantages
will be particularly evident in the growth markets of Central and Eastern
Europe, the Middle East and Asia.

Please note:
Siemens will host a conference call with CEO Heinrich v. Pierer and CFO
Heinz-Joachim Neuburger today.

11.00 a.m. Conference Call for journalists
11.30 a.m. Conference Call for analysts
Dial-in details will be published at 09.30 a.m. at www.siemens.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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