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17 November 2004 - The managing board of VA Tech AG has said that it expects a "fast clarification" of the issues regarding the planned takeover of the group by Siemens.
After the purchase of Victory's 16.45 per cent share in VA Tech by Siemens and the announcement of a planned takeover, VA Tech's board has responded to recent speculation over their survival capacity by stating that the group has top competitive positions in its core businesses.
The VA Tech board has voted for quick decisions concerning the takeover and have publicly requested the immediate lifting of the blocking period for Siemens by the Austrian takeover commission. They have also abstained from a planned capital increase in favour of an acceleration of the takeover process.
A statement released by VA Tech said, "We have taken these decisions in view of the fact that we are in competition in major parts of our business portfolio with Siemens, practically on a daily basis. Therefore a delay of the process would lead to irreversible damage in our relations to customers, business partners and shareholders."
VA Tech is currently expecting a presentation of the takeover bid from Siemens that will disclose the offer price and propose the business integration concept. VA Tech is also seeking clarification of the role of Öiag, Austria's holdings and privatisation agency, in the planned takeover.
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