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Siemens Energy shares slide 32% after company seeks support from German government

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Shares of Siemens Energy tumbled more than 32% on Thursday after the company sought guarantees from the German government.

Wolfgang Rattay | Reuterstumbled more than 32% on Thursday after the company sought guarantees from the German government.

"The strong growth in order intake, particularly in the former Gas and Power business areas, leads to a rising need of guarantees for long-term projects," the company said in a statement. "Considering this requirement, the Executive Board is evaluating various measures to strengthen the balance sheet of Siemens Energy and is in preliminary talks with different stakeholders, including banking partners and the German government, to ensure access to an increasing volume of guarantees necessary to facilitate the anticipated strong growth," it added.

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