Siemens Energy needs the guarantees to win new large-scale contracts to build transmission networks and gas turbines. While those units are profitable, they’re now threatened by the strain that the string of losses from the Gamesa wind unit is putting on the company’s balance sheet in what has become one of Germany’s biggest industrial debacles. .The paper value of Siemens AG’s stake was cut by more than €800 million. Its shares fell as much as 5.9%.
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(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
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