Siemens: shareholders approve spinoff of energy division

(CercleFinance.com) - Siemens shareholders on Thursday voted to advance the German conglomerate's plans to spin off its energy assets into a separate publicly traded entity.


At a virtual shareholder meeting, due to the coronavirus crisis, the plan was approved by a huge majority of 99.4% of the capital stock represented.

Siemens said 61.9% of its capital was represented at the event.

The industrial group said it will now accelerate preparations for the listing.

Siemens Energy plans to hold a capital market day on 1 September, with the IPO planned for 28 September.

After the spin-off, Siemens will focus on its digital industries, smart infrastructure and mobility businesses.

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