Siemens spins off its gas turbine and wind power business

Siemens AG shareholders approved a spinoff of the company’s energy business, one of CEO Joe Kaeser’s last major moves to reshape the German industrial stalwart.

More than 99% of shareholders approved the motion to create an independent Siemens Energy AG at an extraordinary shareholder meeting on Thursday. The company, with almost 29 billion euros ($33 billion) in annual revenue, is scheduled to begin trading on Sept. 28.

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