Huge Wind Turbine company seeking govt bailout

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Siemens Energy shares plunge after seeking billions of euros in state guarantees
8 min ago

https://www.reuters.com/business/en...lions-euros-state-guarantees-wiwo-2023-10-26/

BERLIN, Oct 26 (Reuters) - Shares in Siemens Energy plunged nearly 40% on Thursday, wiping 3 billion euros ($3.16 billion) off its market value, after the company said it was in talks with the German government about state guarantees after major setbacks at its wind division.

A spokesperson for the German economy ministry also confirmed the talks, describing them as "close and trustworthy". Siemens Energy shares slid to all-time lows on the news, down more than 39% at 1055 GMT, implying a 3.3 billion euro loss in market value since Wednesday.

 

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Due to the losses, Siemens Energy fears it will struggle to secure guarantees from banks, and has approached the government and Siemens to obtain a guarantee framework, said business news weekly WirtschaftsWoche, which first reported the talks along with Spiegel magazine.

The weekly said Siemens Energy is seeking up to 15 billion euros in guarantees.

 

[Pinkieslut]

German and Japanese industrial players are demolished by cheap China products, high energy cost of production due to embargo on cheap Russian oil/gas and saturated market.

 

[saynotomsm]

Green energy my foot.

 

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