Siemens has decided to merge Siemens Healthcare Diagnostics (SHDL) with the company and fixed the appointed date as October 1, 2009. The share swap ratio for the scheme will be two equity shares of the face value of Rs 2 each, fully paid up of Siemens for every one equity share of the face value of Rs 10 fully paid up of SHDL.

Dr Armin Bruck, managing director, Siemens, said, “With this merger, we will be able to strengthen our healthcare portfolio and make Siemens one of the leading integrated healthcare companies to provide in-vitro and in-vivo diagnostic solutions in the Indian market. The complimentary portfolios of the two companies will raise synergies in leveraging a combined customer base and thus expanding the installed base in India.”

SHDL focuses on immunodiagnostics and the clinical chemistry business, with a significant presence in critical care, haematology, microbiology and plasma protein. Siemens AG’s wholly owned subsidiary, Siemens Diagnostic Holding II B V, Netherlands holds 68.73 per cent equity stake in SHDL. The proposed merger of SHDL with Siemens is subject to requisite approvals.

The board of directors has considered the share exchange ratio as jointly determined by independent valuers - Deloitte Touche Tohmatsu India Private Limited and ICICI Securities Limited.

Siemens Ltd in which Siemens AG holds 55.18 per cent of the capital is the flagship listed company of Siemens AG in India. Siemens in India, which comprises 19 legal entities, is a leading provider of industry and infrastructure solutions with a business volume aggregating about Rs 12,000 crore. It operates in the core business areas of industry, energy and healthcare.