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Siemens shares rally on turbine unit merger report

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Siemens shares rally on turbine unit merger report
FILE PHOTO: The logo of German industrial group Siemens is seen in Zurich, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann   -   Copyright  ARND WIEGMANN(Reuters)
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MILAN (Reuters) – Siemens shares spiked higher on Thursday following a Bloomberg report saying the German industrial group is exploring merging its turbine unit with an Asian partner, traders said.

Siemens shares were up 2.3 percent by 1049 GMT.

According to people familiar with the matter cited by Bloomberg, Siemens had held talks with firms including Mitsubishi Heavy Industries Ltd, although no final decisions had been made.

Options range from a full or partial sale of the division to a joint venture, the report said.

Contacted by Reuters, Siemens declined to comment.

(Reporting by Danilo Masoni, Additional reporting by John Revill, Editing by Helen Reid)

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