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Business


SIEMENS ENERGY WEIGHS SALE OF INDIAN STAKE TO SIEMENS

 * Company may announce divestment as soon as this week
 * German government discusses combination of guarantees

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The shares are currently worth about €3.3 billion ($3.5 billion). Siemens
already owns 51% of the Indian business.

Photographer: Liesa Johannssen-Koppitz/Bloomberg
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By Eyk Henning, Dinesh Nair, Kamil Kowalcze, and Wilfried Eckl-Dorna
October 30, 2023 at 5:25 PM GMT+1
Updated on
October 31, 2023 at 9:38 AM GMT+1
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3:15

Siemens Energy AG is considering selling a substantial part of its 24% stake in
a listed Indian affiliate to former parent Siemens AG as part of efforts to
shore up its balance sheet, according to people familiar with the matter.

The German turbine maker may announce the divestment of shares in Mumbai-listed
Siemens Ltd. as early as this week, some of the people said, asking not to be
identified because the information is private. The entire holding is worth about
€3.3 billion ($3.5 billion) based on Monday’s closing price, equivalent to
around half of Siemens Energy’s market value.



Siemens AG already owns 51% of the Indian business. Shares of the Mumbai-listed
affiliate fell as much as 5.4% in Tuesday trading, hitting the lowest level in
more than six months. Siemens Energy was down 2.1% at 9:25 a.m. in Frankfurt,
giving it a market capitalization of €6.6 billion.

Expand

A Siemens Energy AG logo on one of the company’s buildings in Siemensstadt
district in Berlin, Germany, on Friday, Oct. 27, 2023. Siemens Energy AG is in
talks with the German government about securing as much as 16 billion ($16.9
billion) in state guarantees as problems at its wind-turbine unit spread to the
rest of the business.Source: Bloomberg

At the same time, Siemens is facing pressure from the government to provide loan
guarantees that are critical for Siemens Energy to take on future large
projects. The government is now discussing a combination of state-backed
guarantees for Siemens Energy flanked by guarantees from Siemens, its largest
shareholder, as well as some banks, according to people familiar with the
matter.

Last week, Siemens Energy confirmed it’s in talks with the government about loan
guarantees. It’s been seeking backing worth as much as €16 billion for future
projects after Siemens indicated it was no longer willing to help, Bloomberg
News has reported.

Read more about Siemens Energy:

Scholz Says Siemens Energy Is ‘Very Important’ as Talks Continue

Siemens Energy’s Faulty Wind Turbines Become Germany’s Problem

Siemens Energy Weighs New Turbine in Bid to End Troubles

Siemens Energy’s Wind Debacle Prompts Move for State Backing (5)

The guarantees provided by Siemens could cover several billion euros for future
projects if the Munich-based technology giant agrees to a deal despite its
previously announced intention to reduce ties with the division it spun off
three years ago, the people said.



The government is ready in principle to commit as much as €8 billion in
guarantees but expects Siemens and banks to cover the rest, according to the
people.

Deliberations are ongoing, and details of the proposals could still change.
Spokespeople for Siemens Energy and Siemens declined to comment.

A spokesperson for the Economy Ministry said “the government is in close talks
with the company” that are ongoing, declining to provide further details.

Siemens Energy supervisory board chairman Joe Kaeser has pushed back against
speculation the company might seek money from the state and sought to clarify
the talks are limited to financial guarantees for future projects. Following the
comments, shares climbed as much as 17%, the steepest intraday gain since
Siemens Energy started trading more than three years ago.

Siemens Energy needs the guarantees to win new large-scale contracts to build
transmission networks and gas turbines. While those units are profitable,
they’re now threatened by the strain that the string of losses from the Spanish
Gamesa wind unit is putting on the company’s balance sheet.

Financial support has become crucial after Siemens Energy earlier this year
forecast a €4.5 billion loss for fiscal 2024 despite assurances it had finally
come up with a plan to address problems with certain wind turbines at the
division. S&P in July downgraded it to BBB- with a stable outlook from BBB with
a negative outlook.



(Updates with latest share movement in third paragraph.)

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