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Siemens to spin off gas and power business

Global energy powerhouse Siemens is to undergo a fundamental transformation by spinning off its gas and power divisions into a new entity which will also comprise its stake in windpower firm Siemens Gamesa.

Pending approval by an extraordinary shareholders’ meeting due for next month, the new company would list on the stock exchange by September. Siemens said it will “remain a strong anchor in the new company” with a stake of near – but less than – 50 per cent, which would allow the new entity to have “complete independence and entrepreneurial freedom”.

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