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Siemens Energy s Shares Rebound After Thursday Plunge

Siemens Energy Slumps After Seeking €16 Billion in State Aid

(Bloomberg) Siemens Energy AG is in talks with the German government about securing as much as €16 billion ($16.9 billion) in state guarantees as problems at its wind-turbine unit spread to the rest of the business. Shares plummeted 40%.Most Read from BloombergControversial Chip in Huawei Phone Produced on ASML MachineApple Plans AirPods Overhaul With New Low- and High-End Models, USB-C HeadphonesIsrael Is Losing Support as Fury Grows Over Its Strikes on GazaWhat Happened Inside Morgan Stanle

Siemens Energy shares fall 40% after company seeks government support

Its wind-turbine business is struggling, and guarantees are needed to win new large-scale contracts to build transmission networks and gas turbines.

Aramco, Siemens Energy, Novo Nordisk Top European Earnings to Watch Next Week

Aramco, Siemens Energy, Novo Nordisk Top European Earnings to Watch Next Week
bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.

WindAction | Siemens Energy slumps after warning of longer Gamesa turnaround

Siemens Energy AG slumped by a record over escalating issues at Siemens Gamesa Renewable Energy SA, the latest in a long line of costly problems uncovered at the wind turbine unit. The shares plummeted as much as 36% after the Spanish division uncovered worse-than-expected quality flaws at its onshore wind turbines, delaying turnaround efforts. Siemens Energy, scrapping its annual profit guidance, warned that additional costs may exceed €1 billion ($1.1 billion).

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