西門子旗下醫療部門將上市 爲德國20年來最大IPO大綱

Siemens, Europe’s largest industrial conglomerate, plans to list its 40bn medical solutions division in Frankfurt, setting the stage for Germany’s largest initial public offering in more than two decades.

歐洲最大的工業集團西門子(Siemens)計劃在法蘭克福上市其價值400億歐元的醫療解決方案部門，這將是德國20多年來最大規模的首次公開發行(IPO)。

The Munich-based group on Wednesday chose Frankfurt over New York for the listing of Healthineers, an imaging and diagnostics business. The supervisory board’s decision to list there — probably in the first half of 2018 — is a coup for Deutsche B?rse, which has often been overshadowed in the race for large listings by New York, London and Hong Kong.

週三，這家總部位於慕尼黑的集團選擇了法蘭克福（而不是在紐約）爲旗下影像及診斷部門Healthineers的上市地點。此次上市很可能於2018年上半年進行，西門子監管委員會在法蘭克福上市的決定對德意志交易所(Deutsche B?rse)來說是一次重大勝利，該交易所在大型上市交易的爭奪戰中常常無法與紐約、倫敦和香港爭鋒。

As part of the IPO, Siemens is expected to sell a minority stake of up to 25 per cent. That would make it Germany’s biggest listing since Deutsche Telekom’s $13bn IPO in 1996, according to Dealogic.

作爲此次IPO的一部分，西門子預計將出售最多25%的少數股權。根據Dealogic的數據，這將令此次IPO成爲德國自1996年德國電信(Deutsche Telekom) 130億美元的IPO之後最大的上市交易。

The listing will be the biggest move yet for chief executive Joe Kaeser as he revamps the group’s sprawling structure. Under Mr Kaeser’s Vision 2020 plan, launched in 2014, Siemens is focusing on core industrial operations and spinning off its other divisions in what he calls a “fleet of ships” business model.

西門子首席執行官喬?克澤爾(Joe Kaeser)正在對該集團的龐大機構作出改革，這次上市將成爲他迄今以來最大動作。根據克澤爾於2014年推出的“願景2020”計劃，西門子正將重點放在覈心工業生意上，並將克澤爾所稱的“艦隊”業務模式中的其他部門分拆出去。

In the last quarter Healthineers was the largest of Siemens’ nine divisions by revenue, with sales of 3.7bn. Its 19 per cent margins also made it the most profitable. Analysts value it at around 40bn. The division is known for selling medical machines to hospitals but its high margins stem from offering services that combine hardware and software, including consulting services.

在上個季度，Healthineers是西門子九大部門中收入最高的一個，銷售額達37億歐元；它的利潤率也是最高的，達到19%。分析師對其估值爲400億歐元左右。該部門以向醫院銷售醫療設備而聞名，但其高利潤來自於提供軟硬件結合服務，其中包括諮詢服務。

Siemens has already merged its renewable energy unit with Spanish wind turbine maker Gamesa and spun the combination off in Madrid. It is currently in the process of joining its rail division with France’s Alstom, which will then list in Paris.

西門子已經將其可再生能源部門與西班牙風力渦輪機制造商歌美颯(Gamesa)合併，並將合併後的公司在馬德里上市。西門子目前正將其鐵路部門與法國的阿爾斯通(Alstom)合併，完成後將在巴黎上市。

As Siemens scouted locations for the Healthineers float, it ruled London out in part because of Britain’s decision to leave the EU, three people familiar with the company’s thinking said. Siemens declined to comment on whether London was ever in the running.

據三名瞭解該公司思維的知情人士表示，英國退出歐盟的決定在一定程度上導致西門子在選擇Healthineers的上市地點時淘汰了倫敦。西門子拒絕就是否壓根兒沒考慮過在倫敦上市置評。

Michael Sen, the board member responsible for Healthineers, said, “Frankfurt is one of the world’s largest trading centers for securities, and its importance will continue to increase due to Brexit. As a highly liquid trading venue, Frankfurt is attractive for investors from around the world.”

負責Healthineers的董事會成員米夏埃爾?森(Michael Sen)表示，“法蘭克福是全世界最大的證券交易中心之一，由於英國退歐，法蘭克福的重要性將繼續提升。作爲流動性極高的交易場所，法蘭克福吸引着來自世界各地的投資者。”

People familar with the decision said Frankfurt was also favoured over New York because of its appeal to Asian investors and because the group also wanted to keep German unions happy. Management is already engaged in a public battle over nearly 7,000 looming job cuts in its core power unit.

瞭解該決定的知情人士表示，由於法蘭克福吸引着亞洲投資者、以及該集團還希望討好德國工會，法蘭克福也比紐約更受青睞。因即將在覈心的電力部門削減近7000個崗位，西門子管理層已經在跟公衆鬥爭。

Another factor that hurt the US was that New York-listed companies in healthcare tend to be US-centric, the people said. Although Healthineers’ biggest market is the US, its next two biggest countries for revenue are China and Japan, and Siemens wants the group to be seen as “truly global”, one person said.

這些知情人士稱，紐約的另一個不利因素是在紐約上市的醫療企業往往以美國爲中心。其中一名知情人士稱，儘管Healthineers目前最大的市場是美國，但其除美國外最大的兩個收入來源國是中國和日本，而且西門子希望該集團被視爲“真正全球化的”企業。

Analysts had speculated several months ago that New York would be the more likely location for the IPO, in part because US-listed companies in the healthcare area tend to trade at higher multiples than in Europe. At Siemens’ annual press conference this month, however, finance chief Ralf Thomas said the valuation bias favouring the US had diminished from 10 to 15 years ago. From an economic perspective, he said, there was no longer a clear reason to list in New York.

數月前分析師曾推測紐約是可能性更高的IPO地點，部分是因爲在美國上市的醫療領域的企業往往比在歐洲上市的估值倍數更高。然而，在西門子本月召開的年度新聞發佈會上，首席財務官拉爾夫?托馬斯(Ralf Thomas)表示，從10到15年前開始，美國的估值優勢已經消失了。他表示，從經濟角度而言，已經沒有在紐約上市的明顯理由了。

Mr Kaeser told the FT then that “old-fashioned conglomerates” are “definitely not going to survive” as they digitalise their operations with software and adapt to the growth of renewable energy sources. To reporters he had also boasted that Siemens’ competitors had been “less active in shaping their strategic transformation” — a slightly veiled dig to arch-rival General Electric.

克澤爾曾在接受英國《金融時報》採訪時表示，“老式的綜合企業……絕對無法存活下來”；企業要用軟件將業務數字化，去適應可再生資源的增長。他向記者吹噓道，西門子的競爭者“在戰略轉型方面不太積極”——含蓄地擠兌了宿敵通用電氣(General Electric)。

Siemens has appointed Goldman Sachs, Deutsche Bank and JPMorgan as lead underwriters of the deal.

西門子已經指定高盛(Goldman Sachs)、德意志銀行(Deutsche Bank)和摩根大通(JPMorgan)爲該交易的主要承銷商。