MUNICH (Reuters) – Siemens AG is facing a writedown of more than 1 billion euros ($1.1 billion) on its stake in Siemens Energy, shares of which plunged on Friday after the group unveiled deeper than expected problems at its wind division.
Siemens AG is valuing the 31.9% stake at the end of each quarter based on the closing share price. The next such valuation will take place in a week’s time on June 30.
Based on Friday’s closing price, Siemens AG’s stake in Siemens Energy is worth 1.4 billion euros less than at the end of March, when it last revised the stake’s value upwards by 1.59 billion euros.
($1 = 0.9185 euros)
(Reporting by Alexander Huebner; Writing by Christoph Steitz, Editing by Louise Heavens)
