Show your support by donating any amount. (Note: We are still technically a for-profit company, so your
contribution is not tax-deductible.)
PayPal Acct: 
Feedback: 
Donate to VoyForums (PayPal):
| Sunday, May 17, 07:05:28am | [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, [3], 4, 5, 6, 7, 8, 9, 10 ] |
| Subject: Schlumberger plans IPO of smartcard arm Published: April 16 2003 22:07 | Last Updated: April 16 2003 22:07 | |
|
Author: The unit is valued at about ?800m. The Franco-US business has become the world's leading producer of smartcards after overtaking France's Gemplus in revenues in the second half of last year. |
[
Next Thread |
Previous Thread |
Next Message |
Previous Message
]
Date Posted: Thursday, April 17, 11:10:24pm In reply to: Newspapers reporting result--March 7 2003 SMH 's message, "Noteholders have tickets to ride" on Thursday, March 06, 08:38:56am http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid Business Print article | Email Schlumberger plans IPO of smartcard arm By Martin Arnold in Paris Published: April 16 2003 22:07 | Last Updated: April 16 2003 22:07 Schlumberger, the US oilfield services and technology group, is preparing an initial public offering of its smartcard division for the second half of the year, aiming to exploit rapid growth i n the market for corporate identity cards. The unit is valued at about ?800m. The Franco-US business has become the world's leading producer of smartcards after overtaking France's Gemplus in revenues in the second half of last year. The decision to float the business reflects confidence in the prospects for the smartcard industry. In a report to be published on Thursday Schlumberger says it expects growth of 7 per cent this year to 1.87bn units, driven by "very fast" growth in the market for corporate identity card s ystems. The IPO is part of Schlumberger's plan, unveiled in December, to reduce net debt from $6bn (?5.6bn) to $4bn this year. It aims to sell or spin off its products division, which mainly consists of the smartcard business and also includes electricity meters, point-of-sale terminals, payphones and the NPTest semiconductor testing business. Schlumberger is understood to have received limited interest from potential industrial or financial buyers for the smartcard business and has hired Societe Generale to prepare an IPO in the second half of this year, subject to market conditions. It has not decided on a new name for the company nor whether the float will be in the US, France or in both markets. Schlumberger has a primary listing in New York and secondary listing in Paris. Analysts estimate the business is worth 1.2 times its annual sales of $700m. Olivier Piou, president of Schlumberger's products division, said the smartcard business would benefit from an independent stock market listing through "greater flexibility on raising capital and increased autonomy over investment decisions". Mr Piou said the image of the smartcard industry had been "seriously damaged by an unbalanced focus" on the troubles of Schlumberger's largest rival, Gemplus, which has been paralysed by a slanging match between rival French and American factions on its board. He admitted Schlumberger had been able to take some market share from Gemplus as a result of the crisis at its French rival. Schlumberger has had greater exposure to the banking sector since its purchase of the smartcard operations of Bull, the French computer group. It also enjoys a market-leading position in the fast-growing market for corporate identity systems and recently won the contract to supply the US defence department with a card-based identity and procurement system. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Note Schlumberger which took over Sema Shaud Duffy stated the reason ERG had gone to 47.1% was ERG bought Sema's interest out in PCL in the last ERG report 6/3/03 it had gone down to 40%--bit of a mystery here--needs clarification (NT) | sale by Schlumberger in 2nd half should have tangibility consequences for ERG's share in PCL. | Thursday, April 17, 11:13:04pm |