UPDATE 2-Siemens Healthineers on track for March IPO

From Reuters - February 19, 2018

* Flotation planned on Frankfurt stock exchange

* Siemens to offer investors existing Healthineers shares

* Halving Healthineers debt to give it flexibility

* Siemens says to float significant minority stake (Adds details in timing, debt)

FRANKFURT, Feb 19 (Reuters) - German engineering group Siemens on Monday announced plans to float its medical imaging and diagnostics business Healthineers on the Frankfurt stock exchange, putting it on track for a listing in late March.

Siemens said the initial public offering (IPO) was due some time in first half of 2018, but the so-called intention to float statement typically sets up companies to go public about four weeks later.

All proceeds from the Healthineers offering will go to parent Siemens, according to Mondays statement, which confirmed a Reuters report from last week.

But cancelling or paying back about half of Healthineers debt of currently more than 8 billion euros ($9.90 billion) will boost the divisions financial firepower.

This will provide financial flexibility to capture opportunities, Siemens said in the statement.


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