Siemens CFO: will likely transfer remaining Siemens Energy stake to pension fund

Siemens AG SIE will likely transfer its direct 17.1% stake in former division Siemens Energy ENR to the group's pension fund, the group's finance chief said, adding this would be the cheaper and more considerate way to get rid of the shares.

The comments by Ralf Thomas are the most specific so far on how the German engineering giant plans to handle its remaining stake in the unit it spun off in 2020, in a move to part with the low-margin energy business.

"The most likely scenario for our remaining stake is that we will gradually pass it on to our Siemens pension fund," Thomas said. "This will result in significantly lower transaction costs than a placement on the capital market, for example."

Munich-based Siemens has in the past transferred shares in its former energy subsidiary to the Siemens pension trust, which is gradually selling them off, while investors have been keen to find out what the company will do with the rest.

The Siemens pension fund, which generates company pensions for the group's employees, currently holds a 7.7% stake in Siemens Energy.