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.

Siemens returns to European banks for €1bn bond buyback

Vivek Ahuja

Siemens

France Télécom

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Telecom Italia

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