German industrial conglomerate Siemens has transferred a 6.8% stake in Siemens Energy to Siemens Pension-Trust.
As a result of the transaction, Siemens's stake in Siemens Energy declined to 25.1% from 31.9%, said a Wednesday news release.
Siemens Pension‑Trust manages the company's pension funds independently within the framework of an investment guideline, the release noted.
By transferring the shares to Siemens Pension‑Trust, Siemens said in the release that it is "strengthening its pension assets in Germany."
"This is a first concrete and visible step and we intend to reduce the stake further," said a spokesman for Siemens AG by email.
Siemens also noted in the release that prior to the spin-off of Siemens Energy and in conjunction with the public listing of its shares that Siemens would reduce its investment in Siemens Energy "depending on strategic and operational developments as well as the market environment."
The spin-off of Siemens Energy was approved by Siemens shareholders on July 9, 2020, according to a press release. On Sept. 28, 2020, trading of the shares of Siemens Energy commenced on the Frankfurt Stock Exchange, according to Siemens Energy's website.