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World News – GB – Siemens Energy collapses on debut pushing value below expectations

Shares of Siemens Energy AG fell on their Frankfurt debut, giving the company, whose technology generates about one-sixth of the world's electricity, a lower than expected market value

Shares of Siemens Energy AG fell when they debuted in Frankfurt, giving the company whose technology is responsible for about one-sixth of the world’s electricity – the expected market value

Shares cut a 13% drop to trade 12% to 2,175 euros at 10 a.m. in Frankfurt, after opening at 2,201 euros.This gave the company a market cap of around 158 billion euros (18 $ 4 billion), compared to the € 17 billion net book value that parent company Siemens AG gave it before the split

Siemens Energy CEO Christian Bruch rings the opening bell on the Frankfurt Stock Exchange on September 28

Monday’s list is the next step in the unfolding of Siemens – a German conglomerate manufacturing a vast array of products spanning medical scanners, locomotives and gas turbines – into separate companies better suited to deal with their own unique challenges

The sale comes at a time of transition to greener sources of energy, which could affect its dominant business in coal and gas turbines and cloud the company’s long-term growth prospects Obstacles to the extraction, processing and transport of oil and gas, as well as the production, transport and distribution of electricity and heat managed by Siemens Energy will not be lacking

« Siemens Energy spin-off showcases gas turbine technology whose growth has been slowed by climate change, although gas is expected to remain a key energy source, » wrote Johnson Imode, industry analyst for Bloomberg Intelligence, in September 23 report It estimated that Siemens Energy could be worth around 20 billion euros based on its profit forecast next year

The list is one of the latest steps CEO Joe Kaeser has taken to turn one of Europe’s largest industrial manufacturers into a more manageable entity. 63-year-old spin-off of its medical business, Siemens Healthineers AG years, was the largest initial public offering in Germany in the past four years

Siemens Energy will have a majority stake in the wind energy company Siemens Gamesa Renewable Energy SA, and last year achieved a turnover of 288 billion euros with 91,000 employees

Siemens has returned 55% of the shares of Siemens Energy to its shareholders, and the parent company has said it will further reduce its stake within 12 to 18 months, which could rekindle interest in consolidation, according to BI imode

Before deciding on a spin-off, Siemens considered other options for the company Bloomberg News reported last year that Mitsubishi Heavy Industries Ltd had held talks with the company about a possible business combination. gas turbine companies and that Siemens has had discussions with other companies about a full or partial sale of its division

Siemens still owns 79% of the shares of Siemens Healthineers, which was among the most successful recent announcements in Germany A plan to merge Siemens’ rail activities with Alstom (France) has, however, been vetoed by the European Commission

Kaeser will leave the completion of another spin-off to his successor, Roland Busch, who will assume most of the CEO responsibilities later this week In February, the company will present to shareholders its plan to relocate its Flender GmbH unit which manufactures mechanical drives in what will be a company with around 2 billion euros in sales and 8,500 employees

Siemens, stock exchange, energy, Frankfurt stock exchange, corporate spin-off, conglomerate, stocks

News from around the world – UK – Siemens Energy collapses on debut pushing value below expectations

SOURCE: https://www.w24news.com

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