Siemens shareholders will vote on the spin-off of Siemens AG's energy business at an Extraordinary Shareholders' Meeting today.
Due to the restrictions imposed on public events by the coronavirus crisis, the shareholders' meeting will be held in a virtual-only format.
Siemens shareholders had until July 7, 2020, to submit questions electronically. The proposal to approve the Spin-off and Transfer Agreement that Siemens AG and Siemens Energy AG concluded on May 22, 2020, is the only item on the meeting agenda.
"The Extraordinary Shareholders' Meeting is the final decisive step for the Siemens Energy spin-off, and it is a historic moment," said Joe Kaeser, President and CEO of Siemens AG.
Siemens shareholders are to automatically receive one share of Siemens Energy AG for every two shares of Siemens AG. Fifty-five percent of Siemens Energy will be spun off to Siemens shareholders. Siemens AG will hold a 35.1 percent stake, and Siemens Pension-Trust e.V. will hold an additional 9.9 percent stake. Furthermore, Siemens AG will no longer exercise a controlling influence, nor will it fully consolidate the new company.
Depending on the strategic and operational development of the two companies, Siemens AG intends to further reduce its stake in Siemens Energy significantly within 12 to 18 months.
The initial listing is to take place on September 28, 2020.
The new Siemens Energy has about 91,000 employees worldwide (as of March 31, 2020). Its products include transformers, gas turbines, steam turbines, generators, and compressors.
