The Supervisory Board of Siemens Aktiengesellschaft (DB:SIE) agreed to spin-off 55% stake in its gas and power business on May 7, 2019. Siemens Aktiengesellschaft will carve out its gas and power business into a new separately managed company along with a subsequent public listing of the new company. Siemens Aktiengesellschaft will issue one shares of new company for every two shares of Siemens Aktiengesellschaft. Siemens Aktiengesellschaft will transfer its stake in Siemens Gamesa Renewable Energy S.A. to the new company. Siemens Aktiengesellschaft intends to further reduce its stake in Siemens Energy significantly within 12 to 18 months. At an internal management conference, Siemens announced the name of the new energy company that it is creating. Siemens AG is spinning off 55% of the energy unit, which makes gas turbines, transmission systems and owns a 67% stake in wind turbine maker Siemens Gamesa SGREN.MC. It will retain a direct stake of 35.1%, with the Siemens Pension-Trust owning the rest. The business is to become an independent company in the future, to be called Siemens Energy. Siemens Aktiengesellschaft will hold 45% stake in the new company. Hanna Hennig, incoming Chief Information Officer at Siemens AG, will help lead transition the spinoff. Joe Kaeser to be elected as Chairman of the Supervisory Board and Ralf P. Thomas to head the Audit Committee. The new Siemens Energy will employ around 91,000 people worldwide. The listing of the new company on the stock exchange will take place by September 28, 2020.

A decision regarding the spinoff will be made at the extraordinary shareholders' meeting of Siemens Aktiengesellschaft to be held on July 9, 2020. The new name will officially take effect once the energy business becomes a separate legal entity which is expected to happen in April 2020. On June 22, 2020, association of employee shareholders has submitted a motion against the voting at the virtual general meeting. Siemens AG is facing internal opposition to the plan to spin-off and list on the stock market its energy business as employee shareholders are said to be planning to vote against the move. The association of employee shareholders has submitted a motion against the voting at the virtual general meeting that is scheduled to take place on July 9, 2020. The Supervisory Board of Siemens Aktiengesellschaft approved the deal. As on July 9, 2020, the transaction was approved by the shareholders of Siemens Aktiengesellschaft. As per disclosure of September 23, 2020, Siemens Energy AG will be included in Germany's benchmark DAX stock-market index for one day on September 28, when it is set to be spun off from parent company Siemens AG. On September 28, 2020 at closing, Siemens Energy will be taken out of the DAX. The employee shareholders openly admit that they will not be able to prevent the spin-off of Siemens Energy but the association wants to express criticism. The spin-off will result in expenses in the mid-triple digit million euro range and the association believes it would be better to invest these resources in research and development. As on March 9, 2020, transaction is expected to close by September 28, 2020. Oliver Seiler, Rainer Traugott and Tomas Fox of Latham & Watkins and Simon Patrick Link, Jochen Vetter, Alexander G. Rang, Carsten Schapmann, Wolfgang Groß, Matthias Scheifele, Wolfgang Kellenter, Cecilia Di Ció, Moritz Rademacher and Gunther Wagner of Hengeler Mueller Partnerschaft von Rechtsanwälten mbB acted as legal advisors for Siemens Aktiengesellschaft. Lazard & Co. GmbH acted as financial advisor for Siemens in the transaction. Muhs Markus, Lahner Sebastian, Lutz Caroline, Scheer-Hennings Reinhard, Engl Dominik, García de Enterría Javier, Llanos Alperi, Jose Manuel and Valcárcel Juan of Clifford Chance, Düsseldorf acted as legal advisors for Siemens Aktiengesellschaft. BNP Paribas Niederlassung Frankfurt acted as financial advisor for Siemens Aktiengesellschaft.

Siemens Aktiengesellschaft (DB:SIE) completed the spin-off of 55% stake in Siemens Energy AG for €8.8 billion on September 28, 2020. HSBC Holdings plc (LSE:HSBA) acted as the financial advisor to Siemens Aktiengesellschaft. BofA Securities, Inc. acted as the lead financial advisor and listing agent to Siemens. Credit Suisse (Deutschland) AG acted as financial advisor for Siemens Aktiengesellschaft.