|Bid||1,054.75 x 0|
|Ask||0.00 x 0|
|Day's Range||1,050.00 - 1,067.95|
|52 Week Range||850.25 - 1,336.00|
|Beta (3Y Monthly)||1.17|
|PE Ratio (TTM)||41.68|
|Earnings Date||Aug 2, 2017 - Aug 7, 2017|
|Forward Dividend & Yield||7.00 (0.65%)|
|1y Target Est||1,031.47|
Siemens (SIEGn.DE) and Alstom's (ALSO.PA) plan to create a European rail champion to take on a Chinese rival has failed to win over EU antitrust regulators despite German and French backing, people familiar with the matter said on Friday. The EU veto, to be announced early next month, could push Siemens to float its own in-house rail technology division, called Siemens Mobility, while keeping a stake. Germany and France support the deal, saying it would help secure the competitiveness of the European rail industry.
Siemens (SIEGn.DE) will not make further concessions to save a rail merger deal with France's Alstom (ALSO.PA) even after European competition authorities demanded further concessions, sources familiar with the matter said. Siemens is ready to walk away from the tie-up which was announced in Sept. 2017, a source familiar with the matter said. Siemens has already offered to license parts of its high speed train business and sell parts of its signalling operations to meet the concerns of the EU authorities who are worried about stifling competition in the rail sector.
BRUSSELS/FRANKFURT (Reuters) - Siemens (SIEGn.DE) and Alstom (ALSO.PA) have offered to sell either one of their high-speed train technology to address EU antitrust concerns about their plan to create a Franco-German rail champion, people familiar with the matter said on Monday. The other element of their proposal to the European Commission includes selling the bulk of Alstom's signalling business in Europe in addition to some Siemens signalling assets, one of the people said. German industrial group Siemens and French rival Alstom put in their offer last week, saying that it was made up mainly of signalling activities and stock products which made up around 4 percent of the sales of the combined company.
PARIS/FRANKFURT (Reuters) - Alstom (ALSO.PA) and Siemens (SIEGn.DE) have agreed to submit measures to the European Commission that would reduce their combined sales by more than half a billion euros in a bid to get their planned rail merger approved, showing they will budge, but not at any expense. Germany's Siemens and France's Alstom agreed last year to merge their rail operations, creating a company with 15 billion euros (13.6 billion pounds) in revenue and a workforce of 62,000, but regulators raised concerns over the deal. "The proposed remedies include mainly signalling activities as well as rolling stock products and represent around four percent of the sales of the combined entity," Siemens and Alstom said in a brief joint statement on Wednesday.
By Liz Hampton HOUSTON (Reuters) - German engineering firm Siemens (SIEGn.DE) plans to dismiss about 200 workers at a gas turbines parts and components service centre in Houston, Texas, next year due to ...
Siemens (SIEGn.DE) wants to grow its building technologies business faster than the overall construction market next year, possibly with help from acquisitions, the business' chief executive Matthias Rebellius said on Tuesday. The business, which has its head office in Zug, Switzerland, makes devices and software to control the heating, lighting, energy use and security in so-called smart buildings. Rebellius said he expected the overall construction market to grow by around 3 percent next year, with Siemens taking market share from rivals that include Johnson Controls (JCI.N) and Honeywell (HON.N).
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Siemens workers could oppose what they see as overly drastic EU requirements to approve a planned rail merger with France's Alstom, Der Spiegel reported, citing a statement by one of its labour representatives. Germany's Siemens and France's Alstom agreed last year to merge their rail operations, creating a company with 15 billion euros ($17 billion) in revenue and a workforce of 62,000. The European Union's antitrust regulator has sent a series of objections to the groups that will force them to come up with specific concessions, which may include asset sales, to address the problems singled out by the European Commission.
MUNICH/MOSCOW (Reuters) - Prosecutors are investigating three German Siemens employees based in St. Petersburg over allegations they violated EU embargo rules, the Hamburg public prosecutor's office said. Siemens sold seven gas turbines to Russia in 2015 and 2016, but four of them were later installed in Russia-annexed Crimea, which is subject to sanctions from the European Union. The bloc imposed sanctions after Russia annexed the Black Sea peninsula from Kiev in March, 2014, and ratcheted them up as Moscow went on to back rebels fighting against government troops in east Ukraine.
Siemens paid its chief executive Joe Kaeser a total of 7.82 million euros (6.91 million pounds) during its 2018 financial year, the German engineering company said in its annual report on Wednesday, up from 7.65 million euros a year earlier. The salary increase of roughly 160,000 euros comes as Siemens reported a decrease in net profit to 5.81 billion euros during 2018, a year in which Kaeser unveiled a new strategy to make the trains-to-turbines maker more nimble and profitable. Kaeser, who has led Siemens since 2013, unveiled a new plan which will trim the number of Siemens' industrial businesses to three from five and give them more autonomy.
Siemens (SIEGn.DE) and Alstom (ALSO.PA) said on Friday they will not seek a hearing in front of European Union regulators to address antitrust concerns about their planned rail merger. The companies have the right to a formal hearing but said in a joint statement that they had submitted written answers in response to queries from the European Commission about the merger. Germany's Siemens and France's Alstom, the maker of the TGV high speed train, agreed last year to merge their rail operations, creating a company with 15 billion euros (13 billion pounds) in revenue and a workforce of 62,000.
France's Alstom voiced confidence it would finalise a merger with Siemens' railway business by the middle of next year despite an investigation by European authorities as it reported a big rise in first half profit. Germany's Siemens and Alstom, the maker of the TGV high speed train, agreed last year to merge their rail operations. "Alstom and Siemens continue to work constructively with the European Commission to explain the rationale and the benefits of the proposed combination," the company said in a statement.
Siemens (SIEGn.DE) bucked the trend of boardroom caution when it said on Thursday it expects to shrug off global geopolitical tensions and notch up "moderate" sales growth next year. Chief Executive Joe Kaeser described the German engineering company's guidance as "courageous", saying it saw only limited risks and expected to increased sales in the 3 to 5 percent range during its 2019 fiscal year, which began on Oct. 1. The outlook was for "moderate growth", he told Reuters TV after the company reported better-than-expected fourth-quarter earnings.
MADRID/FRANKFURT (Reuters) - Siemens Gamesa (SGREN.MC) sold more turbines in the fourth quarter and said sales would rise by at least 10 percent next year, setting a high bar for main rival Vestas (VWS.CO) who is due to report quarterly results on Wednesday. Shares in Siemens Gamesa, formed by the merger of Spain's Gamesa with the wind power business of Siemens (SIEGn.DE), rose as much as 13 percent to their highest level since Sept. 25, out-shining Vestas which was up 5 percent. Siemens shares were flat.
The European Union's antitrust regulator has sent a series of objections to Siemens (SIEGn.DE) and Alstom (ALSO.PA) over their plans to create a Franco-German rail champion through a merger, an EU Commission spokesman said on Wednesday. The move follows the opening of a full-scale investigation into the deal in July and will force Siemens and Alstom to come up with specific concessions, which may include asset sales, to address the problems singled out by the Commission. "The Commission can confirm that it has sent a statement of objections to the parties in the Siemens/Alstom case.
Siemens (SIEGn.DE) went back to its Berlin roots on Wednesday as it announced plans to invest up to 600 million euros ($681 million) to create an industrial and technology hub in the German capital. The investment will help to create a new Siemensstadt, or Siemens city, in the part of Berlin where the engineering group's predecessor company set up factories at the end of the 19th century. The new project in Spandau, which covers an area of 70 hectares, aims to transform the large industrial area into a modern, urban district of the future, to promote innovation and collaboration between sciences and business, Siemens said.
Siemens and Alstom will receive a warning this week from European Union antitrust regulators that their plan to create a Franco-German rail champion will hurt competition, a person familiar with the matter said on Tuesday. The European Commission, which opened a full-scale investigation into the deal in July, will send a statement of objections or charge sheet setting out its concerns about specific areas, the person said, though it is possible the timetable for doing so could slip to next week. The move will force Siemens and Alstom to come up with specific concessions, which may include asset sales, to address the problematic areas singled out by the Commission.
Siemens (SIEGn.DE) boss Joe Kaeser came under pressure from senior German politicians on Sunday to pull out of an investment conference in Saudi Arabia next week following Saudi journalist Jamal Khashoggi's death. Many business executives including the heads of Deutsche Bank (DBKGn.DE), Uber Technologies and Siemens rival ABB (ABBN.S) have dropped out of Riyadh's Future Investment Initiative conference amid outrage about Khashoggi's fate.
Siemens may have to share a multi-billion dollar deal with U.S. rival General Electric to improve Iraq's energy supply system following an intervention by President Donald Trump's administration, The Financial Times reported on Wednesday. Although no decision has been made, Siemens had been the favourite to win the contract to supply 11 gigawatts of power generation equipment to Iraq in a deal reported to be worth around $15 billion. Siemens has not given up hope of gaining a slice of the contract.
MADRID/MUNICH (Reuters) - Wind turbine maker Siemens Gamesa (SGREN.MC) announced a reshuffle of its top management on Tuesday, part of a bid to advance an ambitious cost-saving plan after a year-long board battle over issues ranging from suppliers to leadership. David Mesonero, currently managing director of corporate development, strategy and integration, will take over as chief financial officer, the company said, while current CFO Miguel Angel Lopez Borrego becomes non-executive chairman. The company's main shareholders, Siemens (SIEGn.DE) and Iberdrola (IBE.MC), agreed the changes on Tuesday.
Siemens Gamesa's (SGREN.MC) top shareholders have agreed to name a new chief financial officer at the world's largest wind turbine maker in a bid to end a one-year board battle, two sources with knowledge of the matter said. Siemens (SIEGn.DE), which owns 59 percent of the firm, and Iberdrola (IBE.MC), which holds a 8 percent stake, have had a difficult relationship ever since they merged Gamesa and Siemens Wind Power in April 2017, disagreeing on everything from how the business should be run to board appointments.
German engineering group Siemens on Monday said it would cut around 2,900 jobs in Germany as part of a restructuring plan to achieve 500 million euros (449.23 million pounds) in cost savings. Siemens said the measures were designed to boost the competitiveness of its Power and Gas division and the Process Industries and Drives division. Against the backdrop of this structural change, the agreement we’ve reached is critical to improving our competitiveness,” Lisa Davis, member of the Managing Board of Siemens AG said in the company's statement.
Siemens (SIEGn.DE) said its boss Joe Kaeser met Iraq's prime minister on Sunday to discuss a proposal by the German company to expand the Middle East nation's power production. The German engineering group said it was proposing a deal to add 11 gigawatt (GW) of capacity over four years, saying this would boost the country's capacity by nearly 50 percent. Iraq has a wide gap between electricity consumption and supply.
Siemens (SIEGn.DE) and Alstom (ALSO.PA) on Thursday said they were confident their rail merger would still go ahead and be completed on time despite objections raised by Australia's competition watchdog. The Australian Competition and Consumer Commission (ACCC) said on Wednesday it was concerned the mega merger could lead to higher prices by lowering competition for heavy rail signalling projects in the country. Siemens and Alstom's plan to create a Franco-German rail champion has also raised concerns in Europe, where the European Union's anti-trust regulator has opened a full-scale investigation.
MUNICH/BERLIN (Reuters) - German engineering giant Siemens said a report by monthly Manager Magazin that it could cut 20,000 jobs as part of its Vision 2020+ strategy was "completely unfounded". No statements of this kind were made," Siemens said on Friday, adding that details of the new strategy were still being worked out. Manager Magazin said on Thursday Siemens aimed to reap cost savings from slimming down administrative costs in personnel, legal and finance, and at its shared services division, citing comments that Chief Executive Joe Kaeser made to some investors at a roadshow at the beginning of August.