Siemens to List Health-Care Division in Frankfurt

By Nathan Allen Features Dow Jones Newswires

Germany's Siemens AG (SIE.XE) said Wednesday that it will list its health-care division on the Frankfurt stock exchange in the first half of 2018, in what is likely to be one of the largest European initial public offerings of the decade.

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The company didn't give details on the size of the listing.

Healthineers, which makes medical imaging and diagnostic devices, is one of Siemens's most profitable units, accounting for around 17% of group revenue and nearly 30% of pretax profit in fiscal 2017.

The decision marks another step toward Chief Executive Joe Kaeser's goal of deconsolidating the industrial conglomerate. This year the company has merged its wind-turbine business with Spain's Gamesa and announced plans to merge its mobility business with France's Alstom SA (ALO.FR).

Deutsche Bank, Goldman Sachs International and J.P. Morgan have been engaged as global coordinators, Siemens said.

Write to Nathan Allen at nathan.allen@dowjones.com

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(END) Dow Jones Newswires

November 29, 2017 12:39 ET (17:39 GMT)