Siemens could reduce stakes in Healthineers, other companies to fund Altair deal (updated)

Altair Engineering

31/10/2024 14:02

(Adds further comment on potential stake sales paragraphs 5-10)
       ZURICH, Oct 31 (Reuters) - Siemens  SIEGn.DE  could sell
off part of its stakes in Siemens Healthineers  SHLG.DE ,
Siemens Energy  ENR1n.DE  and Fluence  FLNC.O  to help fund its
$10.6 billion Altair acquisition, Chief Financial Officer Ralf
Thomas said on Thursday.
    Siemens currently holds 75% in medical equipment maker
Siemens Healthineers and 17% in Siemens Energy, as well as a 31%
stake in energy storage company Fluence.
    "We have substantial financial potential from the sale of
shares in listed entities," Thomas told analysts. 
    "The specific intent to use the proceeds from selling shares
in listed companies is clearly related to this transaction," he
added, referring to the Altair acquisition.
    Siemens also had around 3.5 billion euros ($3.81
billion)from selling its Innomotics electric motors and drives
business, a deal completed this month. 
    "We always said that we are not religious about a 75%
shareholding in Siemens Healthineers," Thomas said. "So, give or
take, 5% would be a meaningful assumption for a sell down."
    Siemens planned to reduce its stake in Siemens Energy "in
the next couple of months," the executive said.
    Still, Siemens would seek to minimise the impact of the
share sales on the stock prices of the companies affected.
    When Siemens had previously reduced its Siemens Energy
investment, this was done without any "major noise or waves in
the market," Thomas said.
    "We will definitely protect the share price of those
companies being affected," Thomas said. 
($1 = 0.9191 euros)

 (Reporting by John Revill, Editing by Miranda Murray, Elaine
Hardcastle)
 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))