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Supervisory Board of Siemens AG has approved the next steps in the company's Vision 2020+ strategy concept, including the spin-off of Siemens' Gas and Power (GP). Siemens' Gas and Power (GP) – comprising the company's oil and gas, conventional power generation, power transmission and related services businesses – is to be given complete independence and entrepreneurial freedom through a carve out and a subsequent public listing (spinoff).
In addition, Siemens AG plans to contribute its majority stake in the renewable energies company Siemens Gamesa Renewable Energy (SGRE) – currently 59 percent – to GP.
Plans call for the stock exchange listing to take place by September 2020. Siemens will also give up its majority stake in GP. However, it will remain a strong anchor shareholder in the new company, with a stake that is to be initially somewhat less than 50 percent and, for the foreseeable future, above the level of a blocking minority holding.
Siemens will continue to support the new company, for example, through the professional services of Siemens' Financial Services, the strong sales network of the Siemens Regions and the licensing of the Siemens brand. A decision regarding the spin-off and subsequent public listing is to be made at an extraordinary shareholders' meeting, probably in June 2020. Siemens will then deconsolidate both the new GP and SGRE.
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