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Siemens Energy to replace Beiersdorf in Germany’s DAX index | Reuters

Siemens Energy, which supplies turbines to the power industry, will replace Nivea manufacturer Beiersdorf in Germany’s blue-chip DAX index from March 22, stock exchange operator Deutsche Boerse said.

Spun off from former parent Siemens AG last year, Siemens Energy, which also owns a 67% stake in wind turbine maker Siemens Gamesa, quickly joined Germany’s midcap index after its listing in September.

Since the listing, Siemens Energy shares have gained more than a third, giving the company a market valuation of about 21.89 billion euros ($26.39 billion).

“The fact that we will become a DAX member so soon after our initial listing on the stock exchange is a great recognition of our company’s proposition and the commitment of our employees,” Siemens Energy Chief Executive Christian Bruch said.

“As a leading energy technology company, we want to actively shape the energy transition and grow profitably.”

Beiersdorf will take Siemens Energy’s place in the MDAX.

($1 = 0.8295 euros) Reporting by Paul Carrel and Christoph Steitz; Editing by Thomas Escritt and Jane Merriman

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