MUNICH – Siemens stated the market surroundings would dictate when it sells additional shares in Siemens Power, after warning late on Thursday that it was reserving a writedown associated to a slide within the worth of Siemens Power.
“As we’ve emphasised prior to now, we nonetheless clearly intend to cut back our stake in Siemens Power. Nevertheless, within the curiosity of our shareholders, we’ll make a prudent resolution concerning the timing relying in the marketplace surroundings,” Siemens stated on Friday.
German engineering group Siemens, which owns 35% of Siemens Power, stated on Thursday it was reserving a writedown that might lead to a 2.8 billion euro ($2.93 billion) influence on its third quarter web earnings.
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