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BLACKROCK (BLK)
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Siemens to gauge interest of state funds in Healthineers IPO - CEO

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12/31/2017 | 01:26pm CEST
Siemens CEO Kaeser attends the company's annual news conference in Munich

FRANKFURT (Reuters) - Siemens (>> Siemens) will test the appetite of sovereign wealth funds ahead of the planned listing of its healthcare unit Healthineers next year, its chief executive told a German weekly, possibly to secure anchor investors for the flotation.

FRANKFURT (Reuters) - Siemens (>> Siemens) will test the appetite of sovereign wealth funds ahead of the planned listing of its healthcare unit Healthineers next year, its chief executive told a German weekly, possibly to secure anchor investors for the flotation.

The listing of a minority of the unit, which makes X-ray and MRI machines, is set to take place in the first half of 2018 and is expected to value Healthineers as a whole at around 40 billion euros (35.55 billion pounds).

Siemens is expected to sell 15-25 percent of Healthineers, sources have said, implying stock worth 6-10 billion euros could be sold - Germany's biggest share offering since Deutsche Telekom (>> Deutsche Telekom) in 1996.

"Internal preparations are going well and we are still planning the listing in the first half of 2018, if markets play along," Joe Kaeser told Frankfurt Allgemeine Sonntagszeitung in an interview published on Sunday.

"In any case, we are planning to test the interest of relevant anchor shareholders, including sovereign wealth funds."

Asked whether this included Norway and China, home to the world's largest and third-largest state funds, respectively, Kaeser said: "We will probably cover the range of the most important state funds, yes. The advantage would be that we would gain anchor investors. The disadvantage: the free float of shares is not as high."

The move is designed to enable the unit to raise its own funds for takeovers and investments in the healthcare sector as well as crystallising its standalone value, removing some of the "conglomerate discount" that weighs on Siemens' valuation.

In 2016, utility RWE (>> RWE) won BlackRock (>> BlackRock) as an anchor investor in the initial public offering of its Innogy (>> innogy SE) unit. RWE ended up selling a 23.2 percent stake in the networks, renewables and retail unit.

($1 = 0.8336 euros)

(Reporting by Christoph Steitz; Editing by Alison Williams)

Stocks treated in this article : BlackRock, RWE, Siemens, Deutsche Telekom, innogy SE
Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK 0.68% 508.74 Delayed Quote.-1.90%
DEUTSCHE TELEKOM 0.51% 13.78 Delayed Quote.-7.33%
INNOGY SE 0.00% 36.6 Delayed Quote.12.01%
RWE 0.50% 21.9 Delayed Quote.28.18%
SIEMENS 1.02% 118.36 Delayed Quote.0.87%
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Financials ($)
Sales 2018 14 689 M
EBIT 2018 5 850 M
Net income 2018 4 464 M
Finance 2018 5 925 M
Yield 2018 2,37%
P/E ratio 2018 18,30
P/E ratio 2019 16,78
EV / Sales 2018 5,10x
EV / Sales 2019 4,65x
Capitalization 80 866 M
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BlackRock Technical Analysis Chart | BLK | US09247X1019 | 4-Traders
Technical analysis trends BLACKROCK
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TrendsBearishBearishNeutral
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 589 $
Spread / Average Target 17%
EPS Revisions
Managers
NameTitle
Laurence Douglas Fink Chairman & Chief Executive Officer
Robert Steven Kapito President & Non-Independent Director
Robert L. Goldstein Chief Operating Officer & Senior Managing Director
Gary S. Shedlin Chief Financial Officer & Senior Managing Director
Derek N. Stein Global Head-Business Operations & Technology
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