By Pierre Bertrand

Siemens said late on Wednesday that it has transferred 6.8% of its stake in Siemens Energy to the Siemens pension trust.

The transfer to Siemens Pension-Trust e.V. bolsters the German industrial company's pension assets in Germany and reduces its consolidated investment in the German energy company, Siemens said in a statement.

Siemens said the move reflects its previously announced intent to scale down its participation in Siemens Energy. It comes as the energy company last week withdrew its fiscal 2023 profit guidance.

Siemens's stake in Siemens Energy is reduced to 25.1% from 31.9%, the company said.

Siemens Pension-Trust e.V. independently manages Siemens's pension funds, Siemens said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

June 29, 2023 01:32 ET (05:32 GMT)

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