Siemens Expected to List Health-Care Division in Frankfurt
By William Boston and Olaf Ridder
BERLIN -- Siemens AG, the German industrial conglomerate, could announce as early as Wednesday that the planned listing of between 15% and 25% of its health-care business will be on the Frankfurt stock exchange rather than in New York, people familiar with the situation said.
The location of the listing of the Siemens Healthineers division is expected to be discussed at a meeting of the Siemens supervisory board on Wednesday, the people said. A final decision may still be put off, and it isn't clear if Siemens would announce such a decision publicly.
Still, the board appears to have shifted sentiment away from earlier indications it was hoping to list in New York, where it might be easier to raise capital alongside other U.S.-based health-care companies. "It is looking like Frankfurt," one of the people said.
Labor representatives had pressed management and the company's directors to choose Frankfurt, according to one of the people.
Analysts estimate that Siemens Healthineers could be worth up to $47 billion, which would make a flotation of 15% to 25% of the company worth anywhere between $6 billion and $12 billion. That would represent one of Europe's biggest flotations in years.
(END) Dow Jones Newswires
November 28, 2017 12:44 ET (17:44 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.