Thursday, August 28, 2008

Siemens in talks with sovereign wealth funds: report.

Original Article

FRANKFURT (Reuters) - Siemens (SIEGn.DE: Quote, Profile, Research, Stock Buzz) has held talks with sovereign wealth funds from the Gulf, Russia and other regions to expand its long-term investor base, the Financial Times reported on Thursday, quoting its finance chief.

The German engineering group "would very much welcome an active involvement" of such funds, the paper quoted Chief Financial Officer Joe Kaeser as saying. "We are very open to anyone who would want to join us as an investor."

The paper said prospects of a sovereign wealth fund taking a big stake in one of Germany's industrial flagships could prove politically contentious in Germany, where the growing influence of such funds has been a hot subject.

But it could also boost business opportunities in some of the world's fastest-growing regions.

The paper said Chief Executive Peter Loescher was particularly struck by a deal that rival General Electric (GE.N: Quote, Profile, Research, Stock Buzz) reached last month with Abu Dhabi's Mubadala investment vehicle.

That accord gives Mubadala a stake in GE and creates a joint venture in the Middle East with the company's finance arm.

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