September 19, 2017 / 4:48 PM / a month ago

Germany's Knorr-Bremse ponders IPO: Handelsblatt

BERLIN (Reuters) - German commercial vehicle brake systems company Knorr-Bremse [STELLG.UL] is considering a stock market listing, Handelsblatt newspaper said on Tuesday, after it dropped its near $700 million bid for Swedish rival Haldex (HLDX.ST).

The maker of braking systems for rail and commercial vehicles is studying “different options” to position the firm for the future, company owner Heinz Hermann Thiele was quoted as saying by the business daily newspaper on Tuesday, without elaborating.

“The possibility of a stock market flotation is being looked at urgently, we are dealing very intensively with this issue,” Thiele said, adding a decision would be taken in the coming months.

The majority of Knorr-Bremse, which employs 25,000 people worldwide and posted 5.5 billion euros ($6.59 billion) of sales last year, should remain in family hands, Handelsblatt quoted Thiele as saying.

Reporting by Andreas Cremer; Editing by Greg Mahlich

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