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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.

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