Corporate leveraging still has a long way to run
This July, Siemens, the German power-to-healthcare conglomerate, bought the diagnostic division of Bayer in a €4.2 billion deal that places the company in a strong position in the innovative and growing field of molecular medicine.
Shareholders might yet benefit from the injection of sizeable growth business into the company’s portfolio but the credit ratings agencies, which rate Siemens very highly at AA– from Standard & Poor’s and Aa3 from Moody’s, put it on negative outlook almost as soon as the deal was announced at the end of June.
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