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MUNICH / FRANKFURT (Reuters) – A German industrial conglomerate, Siemens, is evaluating options for its Gas and Power unit for the oil and gas sector, as well as power producers and distributors, two people close to the case said.
Siemens plans to split all or part of its business to prepare for a possible IPO or merger with a counterpart, said officials.
They added that the company's supervisory board could decide on a possible separation at a meeting on Tuesday and present its plans at Siemens Financial Markets Day on Wednesday.
Siemens declined to comment on the future strategy of the Gas and Power unit, whose gas turbine business has seen orders plummet as utilities turn to renewable energy sources.
(Report by Alexander Hübner and Arno Schuetze, edited by Paul Carrel)
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