BREAKING NEWS

BREAKING NEWS

Siemens leans towards Frankfurt for Healthineers listing

Now Reading:

Siemens leans towards Frankfurt for Healthineers listing

Siemens leans towards Frankfurt for Healthineers listing
Text size Aa Aa
FRANKFURT/MUNICH (Reuters) - Siemens AG is close to deciding where it will list its Healthineers medical equipment business, with Frankfurt now favoured for a move which could value the company at 40 billion euros (£35.35 billion), sources said. A Frankfurt listing would be a coup for the German financial capital, which is gaining in stature as banks prepare to move staff there from London ahead of Brexit. It would be Germany's biggest IPO since Deutsche Telekom listed in 1996. Siemens' board member Michael Sen had previously highlighted the attractions of a listing in New York, where most of Healthineers' peers are listed, pointing also to high liquidity and expertise about the sector among the financial community. Siemens is expected to float 15-25 percent of Healthineers, which makes X-ray and MRI machines, by March of next year, sources have said. That implies stock worth 6-10 billion euros could be put up for sale. One source familiar with the matter said the listing would be considered by the supervisory board at a meeting on Wednesday. An announcement could follow. Two bankers involved in preparations for the listing said no final decision had yet been taken, but added Frankfurt's chances were not looking bad. Siemens declined to comment after the Wall Street Journal reported that an announcement on the venue of the listing could come on Wednesday. Citing people familiar with the matter, the newspaper also said a decision could be postponed. The German industrial conglomerate which is seeking to simplify its structure has already appointed Goldman Sachs, Deutsche Bank and JP Morgan as lead organisers of the Healthineers IPO. A further eight bookrunner mandates are expected to be awarded soon, say sources familiar with the matter. (Reporting by Arno Schuetze and Alexander Huebner; Writing by Douglas Busvine and Georgina Prodhan; Editing by Greg Mahlich and Keith Weir)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.