Siemens to list Siemens Energy shares by end of September

Siemens has published key details of the spin-off of its energy business, and issued the invitation to the Extraordinary Shareholders' Meeting to be held on July 9, 2020.

Siemens will spin off 55 percent of Siemens Energy to Siemens shareholders, who are to automatically receive one share of Siemens Energy AG for every two shares of Siemens AG, the announcement said.

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. In addition, Siemens has placed itself under a contractual obligation to refrain from exercising a controlling influence over the new company in the future.

Subject to approval by the Extraordinary Shareholders' Meeting, the spin-off is planned to take place by the end of September 2020. The initial listing is to take place on September 28th, 2020.

"Turning Siemens' energy business into an independent company is a key milestone in the successful execution of our Vision 2020+ strategy program," said Joe Kaeser, President and CEO of Siemens AG.

Siemens new energy business will have about 91,000 employees worldwide, and Its products will include, among other things, transformers, combined cycle turbines, generators, and compressors.

Source: Siemens