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Siemens Energy boss buys 85,000 shares in the company

2020-09-30T14:38:52.868Z

The head of Siemens Energy has invested heavily in the newcomer to the stock exchange: Christian Bruch has acquired shares in the amount of 1.88 million euros.



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Siemens Energy boss Christian Bruch on September 28th on the Frankfurt Stock Exchange

Photo: RALPH ORLOWSKI / REUTERS

At first glance, the IPO of the Siemens energy division on Monday of this week was not exactly a great success.

The share started at around 22 euros, then fell to around 19 euros and finally recovered to a good 22 euros.

Analysts were also rather cautious in their forecasts.

Nevertheless, one person seems to believe in the price potential of the paper - and must also: the top boss Christian Bruch.

As can be seen from a current stock exchange announcement, the Siemens Energy boss has acquired a total of 85,000 shares in his own company in around 40 tranches in the past few days, also because his management contract obliges him to do so.

The cost: an impressive 1.88 million euros.

On Monday, Siemens spun off its multi-billion dollar energy business with more than 90,000 employees, which covers the industry from wind turbines and transmission technology to turbines for coal-fired power plants.

The group named two main reasons for this: On the one hand, the company could concentrate completely on its area.

On the other hand, there is no competition for funds within the group.

The energy sector often had a bad hand given its comparatively low margins.

It is now up to Bruch whether his investment will pay off.

If he manages to convince other shareholders of the future viability of the former Siemens offshoot, which is still strongly anchored in the coal business, and to position him as a companion in a CO2-free future, his commitment has paid off.

If he fails, not only does his own fortune shrink.

Then the image of the outgoing CEO Joe Kaeser as the creative destroyer of the old Siemens AG suffers.

Icon: The mirror

did / dpa-AFX

Source: spiegel

All business articles on 2020-09-30

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