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Issue 10/2019 - Siemens to divest its oil and gas business

 Last Update: 2022-11-11
 Source: Internet
 Author: User

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Siemens to spin off oil and gas business
Siemens said today that it will divest and give up a majority stake in its energy division and merge it with separately listed wind turbine supplier Siemens Gamesa Renewable Energy (SGRE) to create a new multi-technology global energy giant
.

The plan is part of
Siemens' Vision 2020+ strategic vision.
The spin-off plan calls for listing
on the stock exchange by September 2020.
In addition, Siemens will give up its majority stake
in British Petroleum (GP).

"Siemens' oil, gas, conventional power generation, power transmission and related services businesses will gain full independence and entrepreneurial freedom
through spin-off listings and subsequent public listings," Siemens said.
The move will help Siemens meet its medium-term growth and profit targets, with a clear portfolio focus on dynamic growth markets and efficiency gains
.
”

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