By Pierre Bertrand

Siemens said Wednesday that it will "most likely" share details on how it will divest its shareholding in Siemens Energy in November.

The German industrial company intends to fully divest its shareholding in Siemens Energy in the long term, but it isn't in a hurry to do so, Chief Financial Officer Ralf Thomas told reporters following second-quarter results.

"It's hard to imagine that from today's perspective we could predict how and when exactly which portion of our shareholding is going to be divested," Thomas said.

The divestment will take time and there is joint interest in ensuring the process progresses smoothly, he said.

Siemens holds a 31.9% stake in Siemens Energy, a spokesman said when approached by Dow Jones Newswires.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

May 17, 2023 06:55 ET (10:55 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Siemens (PK) (USOTC:SIEGY)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Siemens (PK) Charts.
Siemens (PK) (USOTC:SIEGY)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Siemens (PK) Charts.