SIEGY - Siemens Energy makes lackluster trading debut

Siemens Energy (SIEGY) shares opened lower than expected on their first day of trading on the Frankfurt stock exchange, in one of Europe's biggest listings in recent years.Shares in Siemens Energy - which makes gas turbines, power transmission systems and holds a 67% stake in Siemens Gamesa - opened at €22.01, giving the company a 16B ($18.6B) market value, but forecasts were for a valuation of €21B-€22B.Siemens CFO Ralf Thomas says it will take until at least mid-October to get a first idea of how Siemens Energy, which competes with General Electric and Mitsubishi Heavy Industries, will be valued.Siemens retains a 35.1% stake in the spinoff company, with the rest controlled by its pension unit, but has said it aims to significantly reduce its equity stake within 12-18 months.

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Siemens Energy makes lackluster trading debut