Siemens Energy shares plunge as it seeks government bailout
by Jillian Ambrose from World news | The Guardian on (#6FWG4)
Engineering group in talks with German ministers to secure 80% of an initial 10bn funding tranche
The German government is in talks to provide a multibillion-euro bailout to the engineering giant Siemens Energy to shore up its balance sheet following mounting problems at its wind turbine division.
Shares in the company, one of the world's biggest makers of wind turbines, plunged by almost 40% to all-time lows on the German stock exchange, wiping 3bn from its market value, after reports emerged that it was in talks to secure government guarantees as part of a 15bn rescue package.
Continue reading...