March 20, 2018 / 9:02 AM / a year ago

Knorr-Bremse CEO says no decision taken yet on flotation

MUNICH, March 20 (Reuters) - German brake systems maker Knorr-Bremse is in no rush to decide on a possible stock market flotation, its chief executive said in an interview with Reuters, ruling out a summer listing.

A decision on whether to list has not yet been taken, Klaus Deller said, and it will depend on developments on the stock markets.

“Maybe (the decision) will be made this year, maybe not,” he said, adding it was a decision for the owners. “We’re not talking about summer.”

“We’ll let the bigger ones through first,” he added, referring to Siemens unit Healthineers, which made its stock market debut last week.

Reuters reported in December that Knorr-Bremse had hired banks to help prepare for a potential stock market listing in 2018 after company owner Heinz Hermann Thiele said in September the company was weighing various options, including an IPO.

Deller said an IPO would not be done as a cash call but as a way for the family owners to float part of their stake.

Several large German listings are in the pipeline this year, with Deutsche Bank’s asset-management arm DWS due to float this week.

Publisher SpringerNature, property company Godewind, home-shopping group HSE24, fashion retailer Takko and online furniture retailer Home24 are all expected to follow suit. (Reporting by Irene Preisinger Writing by Victoria Bryan Editing by Adrian Croft)

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