According to a “Handelsblatt” report, the ailing Siemens Energy company will receive state guarantees. Major shareholder Siemens will also contribute financially. In total it’s about 15 billion euros.
According to a report by the “Handelsblatt” and the Reuters news agency, important details in the struggle for possible state aid for Siemens Energy have apparently been clarified. As requested, the energy technology group will receive 15 billion euros in guarantees for major projects, the business newspaper reported, citing financial circles.
Twelve billion of this should be provided by the banks, to which the federal government will in turn give counter-guarantees of 7.5 billion euros. A solution has also been found for the remaining three billion euros. The agreement should be announced next Wednesday. Then the DAX group Siemens Energy will publish its business figures for 2022/23.
Siemens should also make a contribution
Siemens AG is apparently to be included indirectly in the guarantees. The former parent company is buying an 18 percent stake in a joint company in India from the now independent company Siemens Energy for more than two billion euros, according to the “Handelsblatt”. This gives Siemens Energy some breathing room in its balance sheet. There had been speculation about this deal for some time.
According to the report, a further five percent stake in the company in India will serve as security for the guarantees. This also applies to trademark rights payments that Siemens Energy transfers annually amounting to 250 million euros. According to the information, these should be deferred as a kind of “deposit”. Siemens Energy pays interest to Siemens for this.
Supervisory boards still have to approve
The agreement is obviously still subject to change. As Reuters reports, the companies’ supervisory boards still have to agree. Siemens and Siemens Energy declined to comment on the information. The Federal Ministry of Economics announced through a spokeswoman that there was no new status.
On the stock exchange, Siemens Energy’s share price temporarily rose by up to seven percent. Siemens shares rose slightly.