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Siemens Confirms Mandated Banks For VDO IPO -2-

15.05.2007
Siemens Confirms Mandated Banks For VDO IPO

Siemens Confirms Mandated Banks For VDO IPO

FRANKFURT -(Dow Jones)- German engineering company Siemens AG (SI) Tuesday confirmed it has mandated the investment banks Deutsche Bank AG (DB), Morgan Stanley (MS) and Goldman Sachs Group Inc. (GS) for the planned initial public offering of its VDO auto electronics division.

(MORE TO FOLLOW) Dow Jones Newswires

May 15, 2007 14:00 ET (18:00 GMT)

Copyright (c) 2007 Dow Jones & Company, Inc.

Siemens Confirms Mandated Banks For VDO IPO -2-

The company confirmed a Dow Jones Newswires report, published Monday, saying the three banks had been mandated by Siemens for the VDO, citing people familiar with the transaction.

The spokesman also told Dow Jones Newswires Tuesday that the three banks will be acting as global coordinators, and that so far no other banks have been mandated.

Siemens has repeatedly said that, despite several interested buyers for VDO, it favors an IPO for the division, adding that it plans to keep a majority stake of between 25% and 49%.

Analysts estimate that VDO is worth between EUR7 billion and EUR10 billion, which would make the transaction one of the biggest IPOs in Germany in 2007.

Company Web site: http://www.siemens.com

-By Alexander Becker, Dow Jones Newswires; +49 69 29 725 500; alexander.becker@dowjones.com

Copyright (c) 2007 Dow Jones & Company, Inc.

Siemens Confirms Mandated Banks For VDO IPO -2-

The company confirmed a Dow Jones Newswires report, published Monday, saying the three banks had been mandated by Siemens for the VDO, citing people familiar with the transaction.

The spokesman also told Dow Jones Newswires Tuesday that the three banks will be acting as global coordinators, and that so far no other banks have been mandated.

Siemens has repeatedly said that, despite several interested buyers for VDO, it favors an IPO for the division, adding that it plans to keep a majority stake of between 25% and 49%.

Analysts estimate that VDO is worth between EUR7 billion and EUR10 billion, which would make the transaction one of the biggest IPOs in Germany in 2007.

Company Web site: http://www.siemens.com

-By Alexander Becker, Dow Jones Newswires; +49 69 29 725 500; alexander.becker@dowjones.com

(END) Dow Jones Newswires

May 15, 2007 14:06 ET (18:06 GMT)

Copyright (c) 2007 Dow Jones & Company, Inc.