BREAKING NEWS

BREAKING NEWS

Siemens weighs carving out its Gas and Power unit - sources

Siemens weighs carving out its Gas and Power unit - sources
FILE PHOTO: The logo of German industrial group Siemens is seen in Zurich, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann -
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Arnd Wiegmann(Reuters)
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MUNICH/FRANKFURT (Reuters) - German industrial conglomerate Siemens is weighing options for its Gas and Power unit which caters to the oil and gas industry as well as to power generators and distributors, two people close to the matter said.

Siemens is considering carving out all or part of the business to prepare it for a potential stock market listing or a merger with a peer, the people said.

They added that the company's supervisory board may decide on a potential carve-out at a Tuesday meeting and could present the plans at Siemens' capital markets day on Wednesday.

Siemens declined to comment on the future strategy of the Gas and Power unit, whose gas turbines business has seen orders slump as utilities shift towards renewable energy sources.

(Reporting by Alexander Hübner and Arno Schuetze; Editing by Paul Carrel)

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