Siemens Energy AG: Shareholders receive one share for two Siemens papers

economy Separation from energy division

Siemens is split up – this is what the future of the industrial icon looks like

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Status: 10:20 p.m. | Reading time: 3 minutes

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Siemens is separating from the energy business – details are certain

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Siemens has apparently decided the last details on the historical separation from the energy division. WELT has the contract. In the future, Siemens Energy AG will operate independently on the market.

The Siemens group has apparently decided the last details on the historical separation from the energy business. WELT has the de-domination and spin-off agreement that regulates the future of the German industrial giant.

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Dhe details of the largest restructuring of the Siemens Group in recent history with the spin-off of the energy business have been determined. In return for the separation of the energy activities, the previous shareholders are to receive one share of the new Siemens Energy AG for two Siemens shares.

This emerges from the de-domination and spin-off agreement that is available to WELT. In total, almost 400,000 Energy shares are to be issued in this way. Siemens wants to officially announce the details on Tuesday.

The Siemens group wants to get away from Siemens Energy as quickly as possible. As a “non-fully consolidating anchor shareholder”, the group initially intends to hold 45 percent, of which 9.9 percent will be transferred to the group pension company. The remaining 35.1 percent should then be significantly reduced within twelve to 18 months, according to the documents.

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Moving away from globalization – – – – –

The spin-off of the energy business from the Siemens group is the highlight of the conversion under the direction of CEO Joe Kaeser and the guiding principle “Vision 2020+”. Kaeser, who will resign in spring 2021, wants to prepare the traditional group for the future by breaking up the former technology conglomerate and focusing on digital technology. The energy business, which accounts for around 40 percent of the Group’s sales to date, has been a Siemens heart for decades.

In the future, Siemens Energy with its legal seat in Munich will operate independently on the market and will be listed on the Frankfurt Stock Exchange. However, business with turbines for gas and steam power plants, high-voltage grids and wind turbines has been under considerable pressure on margins for some time now, had to cut jobs and posted losses after the last Siemens quarterly figures. Siemens’ share of around 67 percent of the Spanish wind energy group Siemens Gamesa will also be brought into the new Siemens Energy AG.

Spin-off for shareholders not a new experience

The spin-off is scheduled for April 1, 2020, subject to the approval of a special general meeting. According to the documents, Siemens CEO Kaeser is to become chairman of the 20-member supervisory board of the energy company. Siemens CFO Ralf Thomas is also to move into the control committee.

Overall, Siemens AG should only get three seats on the supervisory board of the energy company. As already announced, ex-Linde board member Christian Bruch is to become the new head of Siemens Energy. The Siemens board member Michael Sen, who was originally intended for this position, had apparently thrown in the dispute over independence and resources at the end of March.

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It is therefore noteworthy that the lawyers in the contracts attach great importance to the independence of Siemens Energy and its independence. There is a restriction on the voting rights for Siemens AG shares at the Annual General Meeting of the Energy Group, because usually all shareholders are never present and a majority could result.

Incidentally, it is no new experience for Siemens shareholders that in addition to shares in the traditional group, they receive further shares through spin-offs – for example, through the IPO of the ex-Siemens holding Osram or the medical subsidiary Siemens Healthineers, in which Siemens continues to hold the majority .

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