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Siemens’ Spin-Off of Energy Unit Gets Unanimous Approval

By Mackson Orija

A large majority of Siemens shareholders voted Friday July 10, 2020, to approve the spin-off of the company’s energy business to Siemens Energy AG.

“This step paves the way for the establishment of an independent company rigorously focused on the energy sector”, the German conglomerate said in a release.

“In the future, Siemens AG will concentrate on Digital Industries, Smart Infrastructure and Siemens Mobility”, the company explained.

In total, 61.94 % of the capital stock of Siemens AG entitled to vote was represented at the shareholders’ meeting, which was held as a virtual event due to the coronavirus crisis.

Approval of the Spin-off and Transfer Agreement between Siemens AG and Siemens Energy AG was the only item on the meeting agenda.

The agreement was approved by a majority of 99.36 percent of the capital stock represented. The highest number of participants following the Extraordinary Shareholders’ Meeting online was 3,870 at the July 10, 2020 Extraordinary Shareholders’ Meeting.

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