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Siemens Energy has modest debut on Frankfurt stock exchange

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Shares in Siemens Energy opened lower than expected on their first day of trading on Frankfurt's stock exchange, as the business gears up for a standalone future independent from parent Siemens .

Shares in the division opened at 22.01 euros apiece on Monday, giving the company a market value of 16 billion euros. A source had previously said estimates were for a market valuation of between 21-22 billion euros.

That is to grow to between 6.5% and 8.5% in 2023, helped by more than 1.3 billion euros of cost cuts that a source said will include the shutdown of some of the group’s production plants.

 

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