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The headquarters of Siemens AG is seen before the company's annual news conference in Munich, Germany, November 9, 2017. REUTERS/Michael Dalder The headquarters of Siemens AG is seen before the company’s annual news conference in Munich Thomson Reuters

  • Industrial manufacturing giant Siemens will float its medical business in Frankfurt rather than London or New York next year in a move which appears to have been partially influenced by Brexit.
  • “Frankfurt is one of the world’s largest trading centres for securities, and its importance will continue to increase due to Brexit,” said a Siemens board member.

LONDON — Industrial manufacturing giant Siemens will float its medical business in Frankfurt rather than London or New York next year in a move which appears to have been partially prompted by Brexit.

The IPO will see Siemens sell 15% to 25% of Healthineers, its medical imaging and diagnostistics business, in a float which would value the company at around £35 billion (€40 billion), the biggest in Germany since 1996.

Siemens is a German company, but the move nonetheless represents a coup for Frankfurt’s Deutsche Börse exchange, which has been largely overshadowed by London and New York’s exchanges in recent years.

Michael Sen, the Siemens board member responsible for healthcare, previously touted the attractions of listing in New York, but suggested Frankfurt’s importance would continue to grow as London’s standing diminished as a consequence of Brexit.

“Frankfurt is one of the world’s largest trading centres for securities, and its importance will continue to increase due to Brexit,” he said in a statement.

Siemens has already appointed Goldman Sachs, Deutsche Bank, and JP Morgan as lead organisers for the share sale.

The listing is expected to take place in the first half of 2018.

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