Munich - Hundreds of millions of shares in the new
depots on Monday (September 28)
, to which
55 percent of its
, 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
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
energy boss Christian Bruch,
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
Siemens boss Joe Kaeser
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
But this breadth is also a challenge, because
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
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
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
split up completely
: The group will initially retain a good 35 percent of Energy itself, and just under 10 percent will go to the
Both positions will shrink over time, but Siemens wants to remain an anchor shareholder with a stake of around 25 percent.
Given its size,
Siemens Energy could
in the foreseeable future become
part of the
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
stock market launch
on Monday and that could be turbulent for technical reasons alone.
Siemens Energy for
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
something about whether individual parts are really worth more as a whole.
* Merkur.de is part of the Germany-wide Ippen-Digital central network.
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