The Financial Times has reported that Ananym Capital has built a stake in Siemens Energy and is urging the group to spin off its wind business.
The FT said Ananym, co-founded by Charlie Penner, has launched an activist campaign against the German company.
The size of the stake was not disclosed but one person described it as a “large position” for the fund, according to the news outlet.
In a letter to Siemens Energy’s board seen by the FT, Ananym wrote that the company’s gas turbine and grid power businesses were being held back by its wind unit.
“Wind still has a very different and more challenging path ahead of it,” Ananym wrote in the letter, adding that the company’s “true value will likely remain obscured for as long as these businesses remain together”.
The hedge fund is apparently pushing for a “strategic review” of Siemens Gamesa which could include a spin-off.
One person familiar with the matter told the FT that Ananym believed the wind business could reach a €10bn valuation within two years.
Siemens Energy stated: “Siemens Energy values constructive input for creating sustainable value for shareholders, employees, customers, and partners.
“We addressed the development of our wind business at our recent Capital Markets Day and continue to diligently execute on our plans accordingly.”