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Business

Siemens to Get Stake in Shanghai Electric

German engineering giant Siemens is to acquire a 1.25-percent stake in Chinese industrial equipment maker Shanghai Electric, a spokesman for the German group said Thursday. Siemens would acquire the stake within the framework of a partial flotation of Shanghai Electric when 25 percent of the Chinese group's capital is listed on the stock exchange on April 28. The Financial Times estimated in its Thursday edition that the transaction could raise up to six billion Hong Kong dollars (600 million euros, $770 million). On that basis, the acquisition of the 1.25-percent stake could cost Siemens around 30 million euros.

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