SIE.DE - Siemens Aktiengesellschaft

XETRA - XETRA Delayed price. Currency in EUR
-0.90 (-0.85%)
At close: 5:35PM CET
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Previous close106.24
Bid105.22 x 44200
Ask105.22 x 100000
Day's range104.58 - 106.46
52-week range84.42 - 119.90
Avg. volume1,891,222
Market cap85.617B
Beta (5Y monthly)1.04
PE ratio (TTM)16.48
EPS (TTM)6.39
Earnings date08 May 2020
Forward dividend & yield3.90 (3.67%)
Ex-dividend date06 Feb 2020
1y target estN/A
  • Reuters - UK Focus

    LIVE MARKETS-Closing snapshot: another record day

    You can share your thoughts with Thyagaraju Adinarayan (, Joice Alves (, Julien Ponthus ( in London and Danilo Masoni ( in Milan. China stimulus hopes and a drop in new virus cases lifted the mood in markets today, sending the STOXX 600 to yet another record high, up 0.8%, even as recent weakness in the euro is a reminder of how economic dat in Europe has deteriorated. Some surprising data from the UK and a new chancellor make people wonder if there are some fiscal and monetary policy changes under way.

  • Reuters - UK Focus

    LIVE MARKETS-UK: more jobs, higher prices, new Chancellor - So what?

    You can share your thoughts with Thyagaraju Adinarayan (, Joice Alves (, Julien Ponthus ( in London and Danilo Masoni ( in Milan. Some surprising data from the UK and a new chancellor make people wonder if there are some fiscal and monetary policy changes under way. Analysts at DB say there is still a decent amount of fiscal headroom left but they expect the new Chancellor Rishi Sunak to end up sticking to his predecessor's spending rules.

  • Reuters - UK Focus

    LIVE MARKETS-Utilities: 54 days of passion!

    You can share your thoughts with Thyagaraju Adinarayan (, Joice Alves (, Julien Ponthus ( in London and Danilo Masoni ( in Milan. Utilities are on fire and their run looks to be unstoppable.

  • Alstom, Bombardier Seek to Avoid Path That Derailed Siemens Deal

    Alstom, Bombardier Seek to Avoid Path That Derailed Siemens Deal

    (Bloomberg) -- French Finance Minister Bruno Le Maire met frequently with European Union Competition Commissioner Margrethe Vestager last year as he tried to save Siemens AG proposed merger with Alstom SA. Despite her decision to block the deal, he may be seeing her even more now.The 50-year-old politician made the journey to Brussels again Tuesday, hours after Alstom announced plans to purchase Bombardier Inc.’s rail unit for as much as 6.2 billion euros ($6.7 billion). While Le Maire openly called Vestager’s decision a “mistake” last year, he was trying to put a better face on his latest sit-down with the top EU deals regulator.He described the talks as “very good” and emphasized that the latest deal would strengthen “the European rail industry.” The EU’s press office merely said Le Maire had “explained his views on the announced Alstom-Bombardier transaction.”Company executives recognize that they can’t make the same mistakes that derailed the Siemens deal or their plan to create the world’s No. 2 maker of rail equipment may end up in the same place. Bombardier Chief Executive Officer Alain Bellemare said on a Monday call with an analysts that assessing the antitrust risks was a crucial concern and that the companies have “very minimal overlap.” He flagged that the companies are willing offer so-called remedies, or concessions, to allay any antitrust concerns.A year ago, Le Maire was blasting Vestager’s merger veto as an “economic error” that damaged Europe’s industrial interests. He called for a reform of the competition rules she enforces, that demand an independent analysis of deals. Such a back story may push the EU to show it can’t be influenced by politicians, making it likely the Alstom-Bombardier deal will get close attention.Le Maire’s arguments in 2020 may be very similar to the ones he has made over the past two years, focusing on the need to build a European champion that can compete with China’s state-owned CRRC Corp., the world’s largest train manufacturer.But Le Maire’s case might be stronger than before. In the intervening months, CRRC has offered to buy German diesel-locomotive manufacturer Vossloh AG -- a deal Germany may veto. Another company, China Railway Construction Corp., may potentially build the U.K.’s high-speed railway HS2, according to the Financial Times.Aside from CRRC, the companies seem to be more willing to address any of Vestager’s concerns by selling off overlapping units or products.Alstom Chief Executive Henri Poupart-Lafarge said in an interview on BFM Business TV that “Bombardier is much smaller, and there isn’t the same issue with signals” that haunted the Siemens deal.This time round, the biggest overlap is in commuter trains known as electric multiple units, where the merged business would have a near 50% market share in Europe, and in the region’s urban-transport market, including trams and subway trains, according to Hamburg-based rail consultancy SCI Verkehr.While Bombardier has its headquarters in Montreal, the deal would effectively be an all-European combination, with the company’s Bombardier Transportation division based in Berlin after being formed from the 2001 takeover of Daimler AG’s former ADtranz business.Vestager has repeatedly said the Siemens-Alstom deal might have turned out differently if the companies had done more to resolve concerns about its high market shares for high-speed rail and signaling systems.She even said Siemens was welcome to try the deal again on the day she blocked it.Bombardier was keen to show it had been listening.“It’s likely that there will be remedies associated with that, but we feel confident that Alstom will be able to obtain the antitrust approval,” Bellemare said.\--With assistance from Christopher Jasper, Geraldine Amiel and Vidya Root.To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.netTo contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.netFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bombardier Still Faces Business-Jet Cycle Challenges After Sale

    Bombardier Still Faces Business-Jet Cycle Challenges After Sale

    (Bloomberg) -- Bombardier Inc. selling its rail unit to Alstom SA drew mostly positive reaction Tuesday from analysts, who said it will help Bombardier address its hefty debt, while also focusing its efforts on business jets, where it has competitive offerings across a range of products.Analysts also pointed to the cyclicality and competitiveness of the private-jet market, factors that Bombardier will no longer be able to offset with other business units. Another potential hurdle is regulatory scrutiny, after Alstom’s attempted tie-up with Siemens AG was scuttled by European regulators a year ago.Investors seemed unsure of how to react to the news, which sent Bombardier shares up as much as 12% and down as much as 10% in Toronto.Here’s what analysts are saying:BMO, Fadi ChamounThe sale allows Bombardier “to de-leverage and focus on the remaining Business Aviation franchise, where we believe the company has strong/competitive products with upside potential in operating margins and cash flow over the coming years.”Bombardier’s business jet division “could be disadvantaged, however, as a standalone company competing against well-capitalized peers with lower cost of capital and could be subject to M&A down the road, in our opinion.”Maintains outperform rating, raises price target to C$2.40 from C$2.Raymond James, Steve HansenBombardier’s agreement to sell its rail unit to Alstom is “a transformative deal poised to deleverage the company and reposition it as a nimble, pure-play business jet enterprise.”Believes the sale price is “solid” and the combination “will likely be more palatable” than the Alstom-Siemens deal that was blocked a year ago.“With a vastly improved balance sheet, industry-leading $14.4 billion backlog, and premium product portfolio, we also view the company as very well positioned to deliver top line growth/margin expansion.”Hansen upgraded the stock to outperform from market perform and raised his price target to C$2.75 from C$1.75.CIBC, Kevin ChiangViews the sale “as maybe the best solution available for Bombardier as it addresses the main issue facing the company -- it has too much debt despite its strong product portfolio.”Notes that Bombardier’s pro forma net cash will increase to a range of $6.5 billion to $7 billion from $4 billion and its pro forma debt will fall to $2.5 billion from $9.3 billion. This “supports the argument that the company can trade more in line with its peers.”Says Bombardier’s business jet unit is more cyclical than the rail business but also has good visibility and strong competitive positioning. Maintains outperform rating and C$2 price target.Credit Suisse, Robert Spingarn“While we are not currently highly constructive on the biz jet market due to soft demand, BBD is well positioned across the subsegments, particularly so in the most profitable large cabin segment where it only competes with Gulfstream.”“Over time, we would expect excess bizjet capacity to be absorbed, which should enable demand to improve for new jets.”Says the sale represents a “new dawn” for Bombardier with a more focused business and a “newly cleansed balance sheet.”AltaCorp Capital, Chris MurrayThe proposed sale “should eliminate the most pressing issues with the company’s capital structure,” but longer term it “could be more susceptible to the financial cycles tied to the business aircraft market, which a diversified portfolio was always intended to buffer.”Notes that there are still several moving parts, including shareholder and regulatory approvals.Maintains sector perform rating and C$2 price target.To contact the reporter on this story: Kristine Owram in New York at kowram@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at, Steven Fromm, Richard RichtmyerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    Engineering for Change and Siemens Launch Design Challenge for Clean Water and Zero Hunger Technology Solutions

    In 2015, the United Nations (U.N.) set 17 sustainable development goals aimed at ending poverty, protecting the planet, and driving peace and prosperity worldwide by 2030. While leaders have seen some progress, they’ve also made it clear: we aren’t on track, and time is running out. Calling for new partnerships to support government efforts, U.N. Secretary-General Antonio Guterres has said, "Science is our great ally in the efforts to achieve the goals."

  • Germany's $93 Billion Train Project Looks Fantastic, for France

    Germany's $93 Billion Train Project Looks Fantastic, for France

    (Bloomberg Opinion) -- In 2014 the French manufacturer Alstom SA was burning cash, its debt was rising and it was under investigation in the U.S. for alleged bribery. By selling its sprawling energy division to its better capitalized rival General Electric Co. the following year, Alstom shed 70% of its revenue, paid down borrowings, and refocused on its remaining business: building trains. In hindsight, it played a blinder.Five years later Alstom is involved in another transformational deal, only this time it’s in the driving seat, while Canadian manufacturer Bombardier Inc. is the one in need of emergency balance sheet help, having burned through cash because of delayed aircraft projects and mismanaged rail contracts.On Monday the Canadian conglomerate completed a downsizing that’s every bit as drastic as Alstom’s was. The French manufacturer has agreed to pay about 6 billion euros ($6.5 billion) for Bombardier’s rail activities, which account for about half of the Canadian company’s sales. Alstom will own a globe-spanning rail business with 15.5 billion euros of combined sales and a 75 billion-euro order backlog. Having already announced an exit from commercial aviation, Bombardier will be left to focus on making private jets.The fossil-power assets that Alstom parted with in 2015 were hurt not long afterward by the rise of solar and wind power, forcing GE to book billions of dollars of impairments. GE is now mulling a sale of the steam turbine business. There’s reason to think Alstom’s trains acquisition will be a better deal than the one secured by the Americans.Unlike gas turbines, rail demand is booming because of urbanization and climate fears. Germany, where Bombardier’s train unit has its headquarters, plans to invest an astonishing 86 billion euros ($93 billion) in expanding and modernizing its railways by 2030. As long as Bombardier’s rail contracts aren’t in a worse state than is known publicly, and competition authorities agree to the takeover, Alstom should do fine.At first glance, it’s surprising that these two big train companies are stitching together a deal so soon after the European Commission blocked Alstom’s attempt to join with Siemens AG’s rail unit.  Alstom’s willingness to endure the approval process again attests to the new deal’s attractions and the more limited risk of it being blocked. While Alstom and Bombardier both have large European businesses, Bombardier isn’t a big player in European signalling or very high-speed trains, where the Commission’s antitrust worries are most acute. While getting bigger will help Alstom compete against Chinese rail colossus CRRC, that’s not the main appeal.Bombardier’s rail unit generated a derisory 0.8% operating return on sales in 2019 after it screwed up several large contracts. But Alstom is confident things will improve with better management; until recently Bombardier’s profit margins were superior to Alstom’s. Meanwhile, Bombardier’s installed fleet of about 100,000 vehicles will provide lucrative servicing work.Including assumed liabilities, Alstom is paying about 12 times Bombardier’s historic adjusted operating profit, in line with similar transactions. Alstom’s own shares trade on more than 17 times operating profit, according to Bloomberg data. It is acquiring a business with similar revenue, while paying a lot less than its own 11 billion-euro market capitalization.Alstom’s share price has more than doubled since 2016 thanks to strong orders and those better margins. That explains why it’s funding most of the transaction with equity, rather than debt. Alstom’s shareholders will be asked to contribute 2 billion euros via a rights issue, with a bigger chunk coming from Canadian pension fund Caisse de Depot et Placement du Quebec (CDPQ), which will have an 18% stake in the combined company.About 400 million euros in promised yearly cost savings — worth about 3 billion euros to Alstom shareholders — won’t depend much on plant closures, which can be politically difficult and expensive. That’s reassuring for investors and employees.For Bombardier, the benefits don’t look as impressive, reflecting the pressure to sell. The transaction lets it shift about $1 billion of pension liabilities to Alstom but Bombardier must pay to retire some convertible stock that it sold to CDPQ back in 2015. This means it will receive only about $4.5 billion of net proceeds to help pay down its $9 billion debt pile. Net indebtedness should decline to about $2.5 billion, or about 2.5 times the Ebitda it expects to generate from its remaining business aviation activities.Such leverage is still ample for an aerospace company, albeit one with a refreshed lineup of private jets and a $14 billion order backlog. Unlike trains, corporate aircraft have a more uncertain future in an era of climate-related flight shame. Still, the lesson of Alstom’s recent history is that it’s possible to shrink and thrive. On an investor call this week, Alstom’s senior managers sounded like they couldn’t believe their luck in getting hold of Bombardier trains given such a rosy demand outlook. They shouldn’t celebrate just yet. When GE announced its takeover of Alstom’s energy business in 2014, Siemens AG prepared a counterbid. Siemens also has history with Bombardier, having held talks about a possible combination of their rail businesses in 2017. For now, there’s no sign of a rerun — the antitrust hurdles are off-putting — but the Germans will be watching closely.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


    Iran Boosts Oil Recovery Rate To Counter U.S. Sanctions

    Tehran is making a move to dramatically improve the recovery rate on its key oil sites, trying to close the gap with arch-rival and competitor Saudi Arabia

  • Alstom to Buy Bombardier Train Unit for Up to $6.7 Billion

    Alstom to Buy Bombardier Train Unit for Up to $6.7 Billion

    (Bloomberg) -- French train maker Alstom SA agreed to buy the rail unit of Bombardier Inc. for as much as 6.2 billion euros ($6.7 billion) to almost double in size, as the Canadian company offloads assets following a costly expansion in aerospace.Alstom, based in Saint-Ouen, near Paris, will pay as little as 5.8 billion euros in the cash-and stock transaction outlined in a memorandum of understanding, according to a statement Monday. The acquisition is likely to add to earnings per share within two years and generate as much as 400 million euros in annual savings for Alstom within five years.Combining with Bombardier Transportation would make Alstom the clear No. 2 in rail equipment and help it counter the industry leader, China’s CRRC Corp., which is increasingly targeting global sales. Alstom is making a second attempt to bulk up, after a plan to merge with the rail unit of Germany’s Siemens AG was blocked last year by the European Union on antitrust considerations.Canadian pension fund Caisse de Depot et Placement du Quebec will become Alstom’s biggest shareholder with an 18% stake, after reinvesting its 2 billion-euro holding in Bombardier Transportation and topping it up by 700 million euros.Alstom shares advanced 3.5% to 50.30 euros earlier Monday in Paris, after both companies confirmed the talks. Bloomberg News reported last week that negotiations were at an advanced stage, following its initial Jan. 21 report on the discussions.The merged rail business would have annual sales of more than 15 billion euros, according to German consultancy SCI Verkehr, still well behind CRRC but comfortably ahead of Siemens and Japanese bullet train maker Hitachi Ltd.Montreal-based Bombardier has been offloading assets to pay down debt following a costly expansion of its commercial aviation business. The embattled transportation firm shocked the market last month by warning of disappointing fourth-quarter sales. Bombardier announced Thursday it will exit a venture with Airbus that builds the A220 jetliner to preserve cash.“While it has been a demanding five-year turnaround journey, we’re now landing Bombardier in a great place,” Chief Executive Officer Alain Bellemare told analysts on a call. A strengthened balance sheet “positions us to compete and win in the business aviation market.”ConsolidationA planned combination of Alstom and Bombardier’s Berlin-based rail division would face close antitrust scrutiny, having a nearly 50% share of the market for electric multiple units and a leading position in Europe’s urban transport market, according to analysis by SCI Verkehr.French Finance Minister Bruno Le Maire will discuss the plan with EU Competition Commissioner Margrethe Vestager on Tuesday, he said in a statement. The companies have discussed potential remedies to address antitrust concerns, people familiar with the matter have said.What Bloomberg Intelligence says:“The transaction may have an easier regulatory path than the failed Alstom-Siemens tie-up, in our view. The amount of divestitures that could be requested may determine the deal’s fate”\-- Aitor Ortiz, BI litigation analyst, and Mustafa Okur, BI industry analystA takeover of Bombardier’s rail business by Alstom would mark the latest attempt by some of the world’s biggest trainmakers to counter growing competition from China. Bombardier in 2017 held talks to combine its rail operations with Siemens until the German company suddenly opted to pursue the deal with Alstom.It ultimately failed in February 2019, when the European Union blocked the plan, which the companies said would have created a European rail champion. Regulators refused to cave in to warnings by executives and politicians from both France and Germany about the looming threat of Chinese competition.Bombardier in 2015 sold a 30% stake in its Berlin-based train business to Quebec’s CDPQ, valuing the unit at $5 billion at the time and helping the firm raise capital as it faced a cash drain from delays for its new jets.Alstom said Monday it has lined up financing and also plans a rights issue to finance the acquisition. The company expects to close the transaction in the first half of 2021, subject to regulatory and antitrust approval.Alstom was advised by Rothschild & Co. and Société Générale SA while Bombardier worked with Citigroup Inc. and UBS Group AG.(Updates with Chief Executive Officer Alain Bellemare’s comment in eighth paragraph)\--With assistance from Sandrine Rastello.To contact the reporters on this story: Myriam Balezou in London at;Aaron Kirchfeld in London at akirchfeld@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at, Michael B. Marois, Dan KrautFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters - UK Focus

    LIVE MARKETS-Are active contrarian investors running the show?

    * European shares turn positive: STOXX 600 +1.2% * Profit warning hammers Imperial Brands shares * Reports on virus breakthrough lifts markets Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You can share your thoughts with Thyagaraju Adinarayan (, Joice Alves (, Julien Ponthus ( in London and Danilo Masoni ( in Milan. Many analysts are fuming at the apparent lack of rationality behind the market rebound and the fact we're basically back to where we were before fears that a deadly epidemic would disrupt Q1 growth in China and beyond rattled trading floors.

  • Siemens CEO Faces Down Protesters, Signals Tough Year Ahead

    Siemens CEO Faces Down Protesters, Signals Tough Year Ahead

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Joe Kaeser has a difficult year ahead as he prepares his last major moves at the helm of Europe’s biggest engineering company.The Siemens AG chief is the target of environmental protests Wednesday over a controversial Australian coal mine contract, and reported a steep earnings decline even before the virus epidemic slows growth in major market China.“We got off to a somewhat slow start into the new fiscal year,” Kaeser said before a shareholder meeting in Munich. The German industrial giant’s main gauge of quarterly profit fell 30%, and the company said it’s not ruling out further job cuts at the energy division.Siemens is planning to name Kaeser’s successor later this year ahead of the end of his mandate in 2021. In the run up, the CEO is facing increasing pressure from environmental activists to pull out of a contract to supply equipment to the coal mine. The controversy has led to noisy demonstrations at company locations across Germany.Kaeser dug in on Wednesday, calling the movement against the company “almost grotesque” and vowing to deliver the signaling system for the mine as planned. Greenpeace unfurled a “Bush Fires Start Here” banner on its headquarters ahead of the investor meeting, where protesters stood outside chanting and holding signs bearing messages like “Siemens Climate Killer” and “We have a right to talk.”Read more: Siemens Stands by Australian Coal Project Despite Climate OutcryKaeser has “an attitude problem and our hope is his successor acts differently,” Volker Gassner, a representative of Greenpeace Germany, said in an interview.Some investors were also critical of the project and its possible impact on the company’s reputation.“If all environmental and reputational risks had been carefully examined, Siemens should never have signed this contract,” said Vera Diehl, portfolio manager at Union Investment Privatfonds, which hold about 0.5% of Siemens. “Did the child first have to fall into the well so that the last person in the group realizes that coal has no future?”In what could be the last major change under his tenure, Kaeser is in the midst of revamping Siemens’s energy businesses ahead of a planned listing of the power and gas division in September.As part of the overhaul, Siemens announced Tuesday it’s raising its investment in wind turbine maker Siemens Gamesa Renewable Energy SA through the purchase of Iberdrola SA’s 8% stake for 1.1 billion euros ($1.2 billion). The Siemens Gamesa holding will be folded into the energy spinoff. Once that is complete, the company will be focused on making rail and power-distribution equipment and industrial automation software.Read more: Siemens Buys Iberdrola Stake in Turbine Maker for $1.2 BillionSiemens’s adjusted earnings before interest, taxes and amortization from the company’s industrial business dropped to 1.43 billion euros, according to a statement. This compared with the average company-compiled analyst estimate of 1.88 billion euros.Swiss rival ABB Ltd. was more upbeat, reporting its first profit growth for three quarters driven by cost savings and demand from industries from food to packaging. The companies compete in supplying factory automation gear.Siemens shares fell as much as 2.3% before rising 0.7% to 113.74 euros at 1:39 p.m. in Frankfurt. ABB stock rose as much as 5.1%.Siemens Earnings HighlightsRevenue fell 1% to 20.32 billion euros on a comparable basis v. Bloomberg-compiled estimate of 20.72 billion euros.Orders fell 4% on a comparable basisThe company confirmed full-year guidance; CEO said he still sees short cycle recovery in second half(Adds comments from Greenpeace, investor from sixth paragraph.)To contact the reporter on this story: Oliver Sachgau in Munich at osachgau@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at, Tara PatelFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters - UK Focus

    LIVE MARKETS-Tesla fever in Europe, vols off the charts!

    * European shares turn positive: STOXX 600 +1% * Profit warning hammers Imperial Brands shares * Reports on virus breakthrough lifts markets Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You can share your thoughts with Thyagaraju Adinarayan (, Joice Alves (, Julien Ponthus ( in London and Danilo Masoni ( in Milan.

  • Siemens CEO says energy business spin-off on track for Sept.

    Siemens CEO says energy business spin-off on track for Sept.

    The separation and planned listing of Siemens's energy business is on track to be completed in September, Siemens Chief Executive Joe Kaeser said on Wednesday. Siemens will soon decide on the location of the new company's headquarters and expects its carve-out from the rest of the company to be mostly completed by the end of March, he said. An extraordinary general meeting will take place on July 9 to get shareholder approval, while a capital markets day is planned for September, Kaeser told a news conference.

  • Green protesters step up pressure on Siemens over coal mine project

    Green protesters step up pressure on Siemens over coal mine project

    Siemens came under increased pressure from climate change protesters and its own shareholders on Wednesday over a contract to supply an Australian coal mine, demanding that Chief Executive Joe Kaeser cancel the deal. Inside, a procession of shareholders queued up to support their call, worried about the environmental impact and carbon emissions from the project. As the company announced weaker-than-expected earnings, Kaeser said Siemens would become climate neutral by 2030 and it was "almost grotesque" that it had been singled out by environmentalists for criticism.

  • Siemens to buy Iberdrola's stake in Siemens Gamesa for 1.1 billion euros

    Siemens to buy Iberdrola's stake in Siemens Gamesa for 1.1 billion euros

    Siemens is buying Iberdrola's stake in Siemens Gamesa renewable energy , the German engineering company said, as it prepares to merge the business with its own energy unit ahead of a floatation later this year. Siemens on Tuesday approved the purchase of the Spanish utility's 8.1% stake in SGRE, at a price of 20 euros ($22.08) per share. Siemens will pay 1.1 billion euros and will transfer the shares to its future Siemens Energy unit, combining it with its gas and power business, the Munich company said.

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