Source Pravda.Ru

Anti-monopoly agency blocks Siemens' acquisition of Russian firm

Russia's anti-monopoly agency said Wednesday it has blocked Germany's Siemens AG from acquiring a controlling stake in the top Russian power engineering firm.

The Federal Anti-Monopoly Service said in a statement that it had rejected Siemens' bid because its acquisition of the Power Machines firm would "limit competition at energy equipment markets."

It said that the analysis of the bid had also revealed legal problems relating to foreign companies' involvement in the manufacturing of military-related equipment.

Under the terms of the deal, Siemens was to have acquired 73 percent of shares in Power Machines, which makes equipment for power plants and also participates in defense programs, including the production of parts for nuclear submarines.

Associated Press

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