Difference between revisions of "GEC Siemens"
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1989 After reference to the MMC, in February GEC Siemens announced a new bid. The takeover was completed in September 1989. [[GEC]] expected to acquire about 40 percent of the Plessey businesses (by value)<ref>The Times Saturday, Aug. 5, 1989</ref> | 1989 After reference to the MMC, in February GEC Siemens announced a new bid. The takeover was completed in September 1989. [[GEC]] expected to acquire about 40 percent of the Plessey businesses (by value)<ref>The Times Saturday, Aug. 5, 1989</ref> | ||
August | 1997 in the UK, the name GPT disappeared from the market place as Siemens took part into a new unit called SGCS (Siemens GEC Communication Systems) which was a JV of [[GEC]] and [[Siemens AG]] combining GPT with Siemens Business Communication Systems<ref>The Times Thursday, Feb. 20, 1997 </ref> | ||
1998 August: [[GEC]] acquired [[Siemens AG|Siemens']] 40 percent stake in the remainer of [[GPT]] and merged it with the telecoms units of its Italian subsidiary Marconi SpA, GEC Hong Kong and ATC South Africa to form [[Marconi Communications]]. | |||
Revision as of 09:41, 2 March 2020
1988 GEC and Siemens AG set up a jointly held company, GEC Siemens plc, to launch a hostile takeover of Plessey. GEC Siemens' initial offer was made on 23 December 1988 valuing Plessey at £1.7 billion. Plessey rejected the offer and it was referred to the MMC. The original proposal envisaged joint ownership of all of Plessey's defence businesses, with GPT and Plessey's North American businesses split in the ratios 60:40 and 51:49 respectively. The level of GEC's involvement in the Plessey defence businesses was not likely to meet with regulatory approval.
1989 After reference to the MMC, in February GEC Siemens announced a new bid. The takeover was completed in September 1989. GEC expected to acquire about 40 percent of the Plessey businesses (by value)[1]
1997 in the UK, the name GPT disappeared from the market place as Siemens took part into a new unit called SGCS (Siemens GEC Communication Systems) which was a JV of GEC and Siemens AG combining GPT with Siemens Business Communication Systems[2]
1998 August: GEC acquired Siemens' 40 percent stake in the remainer of GPT and merged it with the telecoms units of its Italian subsidiary Marconi SpA, GEC Hong Kong and ATC South Africa to form Marconi Communications.