Siemens hires 3 banks to coordinate possible VDO Automotive IPO - report |
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Published
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Mon, 07 May 2007 08:59
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FRANKFURT (Thomson Financial) - Siemens AG has hired Goldman Sachs Group Inc, Morgan Stanley and Deutsche Bank AG to act as lead coordinators for a possible initial public offering (IPO) of its VDO Automotive unit, Sueddeutsche Zeitung reported citing people familiar with the situation.The sources added that Siemens has not yet made a final decision on whether or not it will seek to list a minority stake in the unit, or sell it outright.Continental AG has repeatedly said it wants to buy the business from Siemens.Following an IPO, analysts expect VDO to achieve a market capitalisation of 7-9 bln eur. However, if the entire business is sold, they think Siemens could receive more than 10 bln eur for it.alfred.kueppers@thomson.comamk/cmlCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Continental affirms interest in Siemens' VDO unit, other small acquisitions 