FRANKFURT, July 31 (Reuters) - Siemens expects to pick investment banks for the flotation of its hearing aids business soon, its chief executive said on Thursday after the German engineering group published quarterly financial results.
“We will mandate investment banks in the coming days and weeks to start the so-called beauty contest. We will choose two or three banks and then initiate the process, the way that Siemens did with Osram,” Chief Executive Joe Kaeser told journalists during a conference.
He said Siemens had not yet decided whether to divest the unit via an initial public offering or a spin-off. (Reporting by Maria Sheahan; Editing by Jonathan Gould)