Equities

Reuters first to report Siemens weighing carving out Gas and Power unit

Reuters first to report Siemens weighing carving out Gas and Power unit

Reuters broke the news on May 4 that German industrial conglomerate Siemens plans to carve out its struggling Gas and Power unit in the company’s largest overhaul since the 2017 decision to list its healthcare arm. On May 8, Siemens confirmed the news of the spin-off of the 30 billion euro company, in which Siemens aims to retain only a minority stake, boosting the share price of Germany’s third most valuable company by 4.5 percent. Siemens plans to concentrate on its digital and infrastructure businesses, effectively cutting the roots of the company founded in 1847.