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Siemens to initially keep 45% in Siemens Energy after spin-off: sources

The logo of German industrial group Siemens is seen in Zurich, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann

MUNICH (Reuters) - Siemens is planning to keep a 45% stake in its energy business which the German engineering group wants to spin off later this year, two people close to the matter said on Monday.

Siemens plans to give its owners one Siemens Energy share for every two shares they hold in Siemens, the sources said.

Siemens is planning to hold 35.1% of the Siemens Energy shares directly with a view of reducing that stake within 12-18 months, while 9.9% will be held by Siemens’ pension unit, the sources said.

Siemens will take 3 seats on Siemens Energy’s 20-member supervisory board, which will be headed by outgoing Chief Executive Joe Kaeser.

Siemens and Siemens Energy declined to comment.

Die Welt newspaper earlier reported the details of the planned spin-off.

Reporting by Alexander Hübner; Writing by Arno Schuetze; Editing by Michael Nienaber

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