International
REUTERS/Vincent West/File Photo

Int'l - Analysis: Helpless bystander? Siemens Energy's $5.9 billion wind power problem

Siemens Gamesa's (SGREN.MC) profit warning last week served as a painful reminder for Christian Bruch, CEO of parent Siemens Energy (ENR1n.DE), that there's a big difference between owning a majority stake in an asset and having full control.

FRANKFURT, July 21 (Reuters) - Siemens Gamesa's (SGREN.MC) profit warning last week served as a painful reminder for Christian Bruch, CEO of parent Siemens Energy (ENR1n.DE), that there's a big difference between owning a majority stake in an asset and having full control.

Siemens Energy holds 67% in Spanish-listed Siemens Gamesa, the world's largest maker of offshore wind turbines, a stake it was handed by former parent Siemens (SIEGn.DE) as part of a spin-off last year.

But that stake gives Bruch relatively little in terms of influence, which has become an issue as problems at Siemens Gamesa's onshore business have pushed Siemens Energy shares to eight-month lows.

That's why Siemens Energy is carefully exploring ways to gain full control, two people familiar with the matter said, to end its role as a bystander unable to make changes.

Read more.