Spain

Spain

Shareholders approve Siemens Energy spin-off

Siemens is set to transfer its 67.1% stake in Siemens Gamesa Renewable Energy (SGRE) to its gas and power unit, after a majority of shareholders approved plans for the transfer.

Siemens is due to present plans for the spin-off to analysts and investors at a capital market day on 1 September.
Siemens is due to present plans for the spin-off to analysts and investors at a capital market day on 1 September.

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The new Siemens Energy unit is now due to be untethered from its parent company and spun off in a public listing by mid-October.

A majority (61.94%) of the capital stock entitled to vote on the spin-off was represented at a virtual shareholders’ meeting in July 2020. Of the capital stock represented, 99.36% approved the spin-off.

Siemens is due to present plans for the spin-off to analysts and investors at a capital market day on 1 September.

It then plans to publish a securities prospectus on 28 September, followed by the listing in mid-October.

Siemens had first announced the spin-off in May 2019, with its supervisory board unanimously approving the plans that same month.

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