The German government is in talks to provide a multibillion-euro bailout to the engineering company Siemens Energy to shore up its balance sheet amid increasing problems at its wind turbine division.
Shares in the company, one of the world’s biggest makers of wind turbines, plunged by almost 40% to all-time lows on the German stock exchange, wiping €3bn from its market value, after reports emerged that it was in talks to secure government guarantees as part of a €15bn rescue package.
