Siemens selling €250 million of Atos convertible bonds

By Angela McDaniels

Tacoma, Wash., March 21 - Siemens AG is selling €250 million of convertible bonds issued by Atos SA, citing a "positive development" in Atos' share price.

Siemens acquired the convertibles when it contributed its IT services business to Atos in July 2011, according to a company news release.

The proceeds will depend on the price fixed for the bonds, which was going to be determined Thursday. The company said that based on Atos' closing share price of €56.75 (Paris: ATO) on Wednesday, the sale of the convertibles would result in proceeds of around €300 million.

The company's 15% stake in Atos is unaffected by the sale.

Siemens is a Munich-based electronics and electrical engineering company.

Atos is an IT services company based in Bezons, France.

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