Siemens Energy probably gets the guarantees
The Siemens Energy Group is doing too well - at least as far as the order situation is concerned. Financial guarantees are needed to process orders worth more than 100 billion euros. The banks have been reluctant to do so - now the federal government and Siemens are apparently filling the gap.
An agreement in principle has apparently been reached in the talks on state guarantees for Siemens Energy for major orders. The major shareholder Siemens will participate in securing orders, according to negotiating circles. Details are still being discussed. Shares in Siemens Energy rose sharply - by more than seven percent at the peak. Siemens shares also traded higher.
Siemens Energy had requested guarantees for future projects from the German government due to booming orders in the energy sector. The background to this is that banks no longer want to provide these alone due to the deterioration in the energy technology group's credit rating and concerns about a cluster risk in view of a full order book of more than 100 billion euros.
Federal Chancellor Olaf Scholz had already expressed great optimism the previous day that a solution would soon be found. He had said that in addition to the German government, a consortium of banks and the major shareholder Siemens were intensively involved in the talks. Officially, a Siemens representative only said on request: "We are in very constructive talks about the best possible overall solution in the interests of all parties involved." The Federal Ministry of Economics stated: "The talks are still ongoing".
According to insiders, it is said to be about hedging with a volume of 15 billion euros. Of this, the state is to pledge 8 billion euros, with the remainder coming from banks and the former parent company Siemens, which still holds 25.1 percent of the shares in Siemens Energy. Scholz had emphasized that Siemens Energy had very good growth prospects, meaning that the problem was due to the particularly good order situation.
Source: www.ntv.de
