German engineering giant, Siemens AG, is carving out and listing its flagging gas and power division and cutting more than 10,000 jobs in a sweeping overhaul.
The unit will be spun off into a separately managed company and listed by September 2020, according to a statement Tuesday. Siemens will retain “somewhat less than 50%” of the new entity, which will include its 59% stake in Siemens Gamesa Renewable Energy, creating a company with $33.5 billion (30 billion euros) in business volume.
Brazil Energy Insight 
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