December 19, 2017 / 9:13 AM / 3 months ago

Knorr-Bremse mandates banks for 2018 stock market listing -sources

FRANKFURT, Dec 19 (Reuters) - German commercial vehicle brake systems company Knorr-Bremse is moving ahead with plans for a 2018 stock market listing, several people close to the matter said.

The company has asked Deutsche Bank, JP Morgan and Morgan Stanley to help organise an initial public offering, which may value it at 13 to 15 billion euros ($15-$18 bln), the people added.

Knorr-Bremse and the banks declined to comment.

Company owner Heinz Hermann Thiele said in September that the maker of braking systems for rail and commercial vehicles was weighing various options for the future, including an IPO.

Knorr-Bremse, which employs 25,000 people, last year posted earnings before interest, tax, depreciation and amortisation of roughly 1 billion euros on sales of 5.5 billion euros.

Peers such as Wabco and Westinghouse Air Brake Technologies trade at roughly 15 times their expected core earnings.

According to the people familiar with the matter, Thiele is considering floating a stake of 20 to 40 percent in Knorr Bremse as early as summer or autumn 2018. He had told Handelsblatt daily in September that the family would keep a majority stake. ($1 = 0.8477 euros) (Additional reporting by Dasha Afanasieva; Editing by Maria Sheahan)

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