Siemens to Buy 45% Stake in Elektrowatt

Germany’s Siemens will acquire a nearly 45% stake in the manufacturing side of Switzerland’s Elektrowatt for about $820 million. CS Holding plans to sell its interest in Elektrowatt in two phases after Elektrowatt spins off its utility business to shareholders. Elektrowatt also makes building controls, security systems and electricity meters. CS Holding said last week it would sell its shares in the utility business, to be called Watt AG, to a Swiss-German consortium. CS Holding, based in Zurich, is the parent company of Credit Suisse and other banks.