Siemens: Timing of Siemens Energy share sale depends on market environment

MUNICH (Reuters) – Siemens said the market environment would dictate when it sells further shares in Siemens Energy, after warning late on Thursday that it was booking a writedown related to a slide in the value of Siemens Energy.

“As we’ve emphasized in the past, we still clearly intend to reduce our stake in Siemens Energy. However, in the interest of our shareholders, we’ll make a prudent decision regarding the timing depending on the market environment,” Siemens said on Friday.

German engineering group Siemens, which owns 35% of Siemens Energy, said on Thursday it was booking a writedown that would result in a 2.8 billion euro ($2.93 billion) impact on its third quarter net income.

(Reporting by Alexander Huebner; Writing by Maria Sheahan; Editing by Rachel More)