Siemens Spinoff Siemens Energy with strong trading debut

Siemens Energy (OTCPK: SIEGY) shares opened lower than expected on their first day of trading on the Frankfurt Stock Exchange, one of the largest European stock exchanges in recent years. Shares in Siemens Energy - which makes gas turbines and power transmission systems and has a 67% stake in Siemens Gamesa - opened at € 22.01, giving the company a market value of € 16 billion ($ 18.6 billion), but Forecasts envisaged a valuation of € 21 billion to € 22 billion. Siemens CFO Ralf Thomas says it will take at least until mid-October to get a first idea of ​​how Siemens Energy, which competes with General Electric and Mitsubishi Heavy Industries, will be rated. The parent company does not see any urgent need for massive acquisitions to rebuild its size after the spin-off, but instead focuses on smaller deals and internal investments in areas such as research and development. Siemens will keep a stake of 35.1% in the outsourced company, the rest will be controlled by its pension fund, but according to its own information it wants to reduce its stake significantly within 12-18 months.