Energy Spin-Off Approved by Majority of Siemens Shareholders
A large majority of Siemens shareholders voted to approve the spin-off of the company’s energy business to Siemens Energy. This step paves the way for the establishment of an independent company rigorously focused on the energy sector.
In the future, Siemens will concentrate on Digital Industries, Smart Infrastructure and Siemens Mobility. In total, 61.94 percent of the capital stock of the company entitled to vote was represented at the shareholders’ meeting, which was held as a virtual event due to the coronavirus crisis. Approval of the Spin-off and Transfer Agreement was the only item on the meeting agenda. The agreement was approved by a majority of 99.36 percent of the capital stock represented.
“Siemens shareholders’ broad approval of the spin-off of Siemens Energy confirms the Managing Board’s strategic course for securing the long-term future,” said Joe Kaeser, President and CEO of Siemens. “The spin-off enables us to build two focused companies, both of which will be strong players in their respective sectors. The substantial increase in the share price of Siemens Healthineers since its initial public offering is a gratifying example of how focus adds value. I’m looking forward to the successful future of the Siemens companies.”
“The Managing Board and the Supervisory Board of Siemens AG agreed early on that the spin-off can unleash Siemens’ full potential,” said Jim Hagemann Snabe, Chairman of the Supervisory Board of Siemens. “Approval by the shareholders confirms our view and lays the basis for the optimal setup of the two future Siemens companies.”
Siemens will now drive the further preparations for the listing. The Capital Market Day for Siemens Energy is scheduled for September 1. The securities prospectus is to be published around two weeks prior to the listing, which is planned for September 28.
Siemens Energy operates globally along the entire energy value chain, including the service business. The company has about 91,000 employees worldwide. Its products include gas turbines, steam turbines, generators, transformers and compressors. In the area of wind turbines, its 67 percent stake in Siemens Gamesa Renewable Energy makes it a global market leader in renewable energies.