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Siemens has revealed more details of the spin-off its energy business later this month, as it aims to create a firm which CEO Joe Kaeser has previously described as encompassing “the entire scope of the energy market like no other company.”
At its capital market day Tuesday, Siemens Energy CEO Christian Bruch outlined plans for the spin-off, which will see Siemens shareholders hold 55% of the company. Siemens will retain a 35.1% stake and Siemens Pension-Trust will own a 9.9% share. It is due to list on the Frankfurt Stock Exchange at the end of September.
Speaking to CNBC’s Squawk Box Europe, Bruch explained why the company felt the spin-off was…