Deals
Germany's Knorr-Bremse IPO Generates $4.5 Billion for Owner
- Billionaire Thiele is selling a 30% stake in his company
- Brakemaker for trucks and trains valued at 12.9 billion euros
A bus brake disc mechanism sits on display on the Knorr-Bremse AG exhibition stand during the IAA Commercial Vehicles Show in Hanover.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Knorr-Bremse AG will generate proceeds of about 3.9 billion euros ($4.5 billion) in one of Germany’s largest initial public offerings as reclusive billionaire majority owner Heinz Hermann Thiele broadens the shareholder base of the maker of truck and train brakes.
The transaction was priced at 80 euros a share, valuing the Munich-based company at 12.9 billion euros, the company said Wednesday in a statement. Thiele, 77, and his family are set to sell a stake of 30 percent.