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End of the line for Siemens MBO hopes

German conglomerate rejects Geordie bid

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Siemens' crippled microchip plant in Tyneside has received another blow following the death of a management buyout proposal. Talks collapsed with Siemens yesterday, when the German electronics giant rejected the offer. This ends the 250 employees' best chance of keeping the factory open beyond the June deadline set by Siemens. According to today's Times, it is understood that Siemens refused a £400 million offer from two of the Newcastle plant's senior executives. Although no other deal was evident, the company may be hoping for a better offer on the back of recently rising chip sales and prices. Siemens spent £650 million on the Geordie project, which had 1100 staff when its closure was announced last July. ®

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