Siemens weighs carving out its Gas and Power unit: sources
MUNICH/FRANKFURT - German industrial conglomerate Siemens is weighing options for its Gas and Power unit, carving out all or part of the business to prepare it for a potential stock market listing or a merger with a peer, two people close to the matter said.
Siemens declined to comment on the future strategy for the Gas and Power unit, whose gas turbines business has seen orders slump as utilities shift toward renewable energy sources. Chief Executive Joe Kaeser has embarked on a strategy to simplify Siemens’ operations by separating the conglomerate into what he has termed “a fleet of ships” which thrive under their own steam.
Kaeser tried to combine its train segment Siemens Mobility with listed peer Alstom, but scrapped the deal earlier this year as antitrust concerns mounted. Analysts expect that Siemens will eventually opt for a stock market listing for the Mobility unit.
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