Siemens sends its energy business to the stock exchange - but there is a risk

Munich - Hundreds of millions of shares in the new

will

appear

in the

'

depots on Monday (September 28)

, to which

55 percent of its

.

The Company

, which employs over 90,000 people and generates an annual turnover of currently 29 billion euros to but even without support, without the burden of the future

commented.

The

has a long tradition at

, but there was a central problem within the group: with its long-term maintenance contracts and huge order backlog, it is robust against short-term fluctuations, but less profitable than, for example, the industrial business.

That made it difficult in the internal competition for investments.

As a farewell,

has once again received solid

.

In the future, the new

who took

up the position in the spring, can and must get

the money himself on the capital market, albeit at somewhat less favorable terms than Siemens because of a slightly poorer rating.

Siemens spin-off brings risks

The outgoing

already warned at the extraordinary general meeting on the spin-off that certain savings and economies of scale would be lost.

And above all, Energy is active in a rapidly changing market that is also subject to political fluctuations.

A champion in the energy business with a unique breadth and depth - that's how you see

the new company

at

.

But this breadth is also a challenge, because

although

the new

has

a strong wind energy business

with a two-thirds stake in

and is also active in the important permanent power transmission, it also supplies and maintains turbines and other technology for gas and gas especially coal-fired power plants.

It's about a market that will shrink and collapse over the coming decades.

With the # IPO of the Energy subsidiary, #Siemens wants to end the story of its undervaluation on the market.

However, a look into the past shows: The dissolution of the conglomerate does not necessarily lead to a relatively better rating. Https://t.co/kCIcQSHcLw pic.twitter.com/8yv92HmA5O

- Börsen-Zeitung (@boersenzeitung) September 22, 2020

Kaeser

, who

continues to accompany

as chairman of the supervisory board, has already given the board of directors to develop a plan to get out of coal - more responsibly than activists demanded and “more consistently than hesitants consider it necessary”.

One danger here: In the end, the plan is likely to receive criticism from both sides.

Bruch has already

negotiated

this with his plans for cost savings at

.

Among other things, he does not want to take over the agreement on site security at Siemens and to reduce sites.

The company argues that this should simplify production chains.

The union reacted far from amused and spoke of "hidden threats" on the home stretch to the split.

Siemens keeps part of Energy

not

split up completely

: The group will initially retain a good 35 percent of Energy itself, and just under 10 percent will go to the

pension fund

.

Both positions will shrink over time, but Siemens wants to remain an anchor shareholder with a stake of around 25 percent.

Given its size,

in the foreseeable future become

part of the

* Dax

alongside its old parent company

.

Because this also applies to the other large

, three companies named Siemens could play in the top league of

*

at the end of next year

.

But before that there is the

on Monday and that could be turbulent for technical reasons alone.

Every

receives

one from

every two

.

But not everyone can or wants to keep the new papers.

For example, funds that track the Dax must sell the

* that is not currently in the Dax.

In Siemens circles, larger fluctuations are expected for at least two to three weeks.

Only then will the price of the new company really be able to say something about its value - and the combined

of

and

something about whether individual parts are really worth more as a whole.

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