Siemens partially reverses writedown on stake in former subsidiary Siemens Energy

BERLIN, March 31 (Reuters) – Siemens (SIEGn.DE) on Friday said it has partially reversed a multi-billion dollar writedown on its stake at its former subsidiary Siemens Energy (ENR1n.DE) as the company’s shares have risen recently.

The stake value of Siemens, which holds 32% in Siemens Energy, rose by 1.59 billion euros at the end of the first quarter, the company said.

In June, Siemens said it was booking a writedown that resulted in a negative 2.8 billion euro impact on the German engineering company’s third quarter net income due to the fall in the value of Siemens Energy.

Reporting by Riham Alkousaa and Alexander Huebner
Editing by Chris Reese

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