Siemens hires three advisers for unit IPO
Siemens hired Goldman Sachs Group, Deutsche Bank and Morgan Stanley to manage the planned initial public offering of its VDO automotive parts unit, Sueddeutsche Zeitung reported, citing people familiar with the details.
By Agencies |
BERLIN: Siemens hired Goldman Sachs Group, Deutsche Bank and Morgan Stanley to manage the planned initial public offering of its VDO automotive parts unit, Sueddeutsche Zeitung reported, citing people familiar with the details.
Siemens hasn't yet decided whether it will hold an IPO for the division or sell it to an investor, the German newspaper reported. Siemens announced plans in January to sell shares in VDO as part of an overhaul initiated by Chief Executive Officer Klaus Kleinfeld.
Continental Chief Financial Officer Alan Hippe said that the German tiremaker is "in contact" with Siemens about VDO. Munich-based Siemens is Europe's largest engineering company.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
