Siemens, the German industrial group, has turned to ABN Amro and Dresdner Kleinwort Wasserstein to buy back up to €1bn ($1.2bn) worth of bonds that it issued in a highly controversial deal three years ago.
The choice of two European banks to arrange the debt buyback is in stark contrast to Siemens' decision to use two US banks â Merrill Lynch and Morgan Stanley â to arrange the original €4bn bond, which marked Siemens' debut in the euro-denominated market and remains the company's only remaining sizeable bond.
