Siemens to initially keep 45% in Siemens Energy after spin-off: sources

Business Materials 26 May 2020 03:02 (UTC +04:00)

Siemens is planning to keep a 45% stake in its energy business which the German engineering group wants to spin off later this year, two people close to the matter said on Monday, Trend reports citing Reuters.

Siemens plans to give its owners one Siemens Energy share for every two shares they hold in Siemens, the sources said.

Siemens is planning to hold 35.1% of the Siemens Energy shares directly with a view of reducing that stake within 12-18 months, while 9.9% will be held by Siemens’ pension unit, the sources said.

Siemens will take 3 seats on Siemens Energy’s 20-member supervisory board, which will be headed by outgoing Chief Executive Joe Kaeser.

Siemens and Siemens Energy declined to comment.

Die Welt newspaper earlier reported the details of the planned spin-off.