Siemens Sells its Atos Convertible Bonds
-Convertible bond is profiting from positive development of Atos share price
-Stake in Atos unaffected by sale – Siemens to retain its approximate 15% interest in Atos as agreed
Munich, Germany, - -Siemens is making use of the positive development of the Atos share price and selling the €250-million convertible bonds it acquired pursuant to contribution of its IT services business (SIS) to Atos in July 2011. The proceeds will depend on the price fixing of the bonds, which will be determined today during the day. Yesterday, the Atos share closed on the Paris stock exchange at €56.75. On the basis of the closing share price, the sale of the convertible bonds would result in proceeds of around €300 million.
The convertible bond issue was part of the contractual agreement under which SIS was contributed to Atos. Through the sale of its bonds, Siemens is now realizing part of the purchase price. Under the terms of the transaction, Siemens also received a cash payment of approximately €177 million as well as a 15% interest in the share capital of Atos, in July 2011. In view of the very good operational and strategic cooperation with Atos, among other factors, Siemens intends to retain its interest in Atos as initially agreed between the two groups.
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