Deputy government spokesman Wolfgang Büchner and the spokespeople for the Federal Ministry of Economics and Finance did not want to provide further details about the talks.
“The federal government is aware that Siemens Energy is a company that is relevant to the transformation of Germany’s business location,” said Büchner at the government press conference. We are in close and trusting discussions with the company.
Luisa-Maria Spoo, spokeswoman for the Ministry of Economic Affairs, emphasized that the discussions were ongoing. We are aware of the challenges. She could provide information about the duration of the negotiations.
In view of the problems in the wind energy business, Siemens Energy had confirmed the day before that it was negotiating state guarantees with the federal government. Due to the sharp increase in incoming orders, particularly in businesses other than wind turbines, the company is in talks with partner banks and the federal government “to ensure access to a growing volume of guarantees that will enable the expected strong growth,” Siemens Energy said.
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Wirtschaftswoche had previously reported that Siemens Energy was negotiating guarantees with a total volume of 15 billion euros. For a tranche of 10 billion euros, the federal government should guarantee 80 percent and the banks 20 percent. According to the report, the former parent company Siemens, which currently still holds 25.1 percent of the shares, will guarantee another 5 billion euros. According to financial and government circles, Siemens shows little inclination to accept responsibility for this. Siemens and the Ministry of Economic Affairs did not want to comment on this.
Scholz: Siemens Energy is a “very important” company
Chancellor Olaf Scholz emphasized the importance of the company Siemens Energy. Scholz did not want to comment further on the company’s negotiations with the federal government about state guarantees at a press conference at the end of the meeting of EU heads of state and government in Brussels.
“Siemens Energy is a very important company, that is without question. Otherwise, I can report to you that we are in very good and confidential discussions with each other,” said Scholz. For confidentiality reasons, he will not report on the conversation.
In view of the problems in the wind energy business, Siemens Energy had confirmed the day before that it was negotiating state guarantees with the federal government. Due to the sharp increase in incoming orders, particularly in non-wind turbine businesses, the company is in discussions with partner banks and the federal government to ensure access to a growing volume of guarantees that will enable the expected strong growth.
Wirtschaftswoche had previously reported that Siemens Energy was negotiating guarantees with a total volume of 15 billion euros. For a tranche of 10 billion euros, the federal government should guarantee 80 percent and the banks 20 percent. According to the report, the former parent company Siemens, which currently still holds 25.1 percent of the shares, will guarantee another 5 billion euros. According to financial and government circles, Siemens shows little inclination to accept responsibility for this. Siemens and the Ministry of Economic Affairs did not want to comment on the report.
The Siemens Energy share ultimately gained 9.00 percent to 7.488 euros via XETRA.
BERLIN (Dow Jones)
Image source: Siemens Energy AG