Siemens shareholders to receive one Siemens Energy share for every two Siemens shares
Siemens AG has published key details of the spin-off of its energy business, together with the invitation to the Extraordinary Shareholders’ Meeting on July 9, 2020.
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.
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, plans call for the spin-off to take place, as announced, 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.
“The considerable increase in the value of our healthcare business shows the huge potential we can tap by further sharpening the focus of our company. This applies to both, Siemens Energy and the ‘New Siemens AG,’ which is concentrating on our Industrial Businesses. We’ve now reached a major milestone in the overall realignment that is preparing the Siemens companies for the massive technological transformations that we are anticipating.”
Photo (for illustrative purposes): Image courtesy of Siemens