BERLIN (Reuters) - Siemens AG (ETR:SIEGn) is transferring another part of its stake in Siemens Energy AG to its pension fund, the company said on Monday, also announcing that CFO Ralf Thomas was stepping down from the Siemens Energy AG supervisory board.
Siemens AG said in a statement it was transferring an 8 % stake in Siemens Energy AG - worth some 700 million euros based on Monday's closing price - to its pension fund, reducing its overall holding to 17.1%.
Siemens AG had in June already announced it was reducing its direct stake in Siemens Energy to 25.1% from 31.9%.
As is the case at other German blue-chips, Siemens AG has an independent pension fund that is kept outside the German conglomerate's balance sheet and is also subject to different accounting rules.
Thomas' resignation will be effective upon the end of Siemens Energy’s annual shareholders’ meeting on February 26, 2024, Siemens said.