UPDATE 1-Siemens confirms placing Juniper stake
Fri Nov 11, 2005 11:26 AM ET
FRANKFURT/LONDON, Nov 11 (Reuters) - Germany's Siemens (SIEGn.DE: Quote, Profile, Research) confirmed on Friday it was selling its stake of 22.8 million shares, or about 4 percent, in U.S. Internet equipment maker Juniper Networks (JNPR.O: Quote, Profile, Research) .
A source told Reuters Siemens would book a gain of well over 300 million euros ($351 million) from the sale.
Dealers said earlier that investment bank UBS (UBSN.VX: Quote, Profile, Research) was placing the shares at $23.85 each, a 2.5 percent discount to Juniper's closing price of $24.45 on Thursday, valuing the stake at $544 million.
UBS was unavailable for comment. |
