Siemens Completes Takeover of Bayer Unit

Siemens AG said Wednesday it has completed its euro4.2 billion (US$5.57 billion) takeover of the diagnostics division of Bayer AG's health care business.

Munich-based Siemens said the purchase, announced in June 2006, was part of its strategy to expand its health care equipment and services business.

In a statement, Siemens said it would fold the unit into its Tarrytown, New York-based Siemens Medical Solutions Diagnostics unit.

The acquired business employs more than 8,000 people worldwide and provides diagnostic testing for a myriad of diseases, ranging from adrenal and pituitary dysfunction to allergies and kidney ailments.