Siemens shareholders have voted in favour of the plan to spin-off of the company’s energy business by a large majority.
The company said 99.36% of the capital stock represented approved the deal at an extraordinary shareholders’ meeting on 9 July.
In total, 61.94% of the capital stock of Siemens entitled to vote was represented at the shareholders’ meeting, which was held as a virtual event due to the coronavirus crisis.
“This step paves the way for the establishment of an independent company rigorously focused on the energy sector,” Siemens said.
Siemens said it will now make further preparations for the listing, which is planned for 28 September.
A capitals market day for Siemens Energy will be held on 1 September.
In the future, Siemens will concentrate on digital industries, smart infrastructure and mobility.
Siemens president Joe Kaeser said: “Siemens shareholders’ broad approval of the spin-off of Siemens Energy confirms the managing board’s strategic course for securing the long-term future.
“The spin-off enables us to build two focused companies, both of which will be strong players in their respective sectors.
The substantial increase in the share price of Siemens Healthineers since its initial public offering is a gratifying example of how focus adds value. I’m looking forward to the successful future of the Siemens companies.”
Siemens supervisory board chairman Jim Hagemann Snabe said: “The managing board and the Supervisory Board of Siemens agreed early on that the spin-off can unleash Siemens’ full potential.
“Approval by the shareholders confirms our view and lays the basis for the optimal setup of the two future Siemens companies.”
Siemens Energy has about 91,000 employees worldwide and its products include gas turbines, steam turbines, generators, transformers and compressors.
It also has a 67% stake in wind turbine manufacturer Siemens Gamesa.