Siemens Aktiengesellschaft will transfer, in particular, pension liabilities to former employees of the Health Care business and various participations in companies
active in the Health Care business to its wholly owned subsidiary Siemens Healthcare GmbH by way of spin-off. The underlying spin-off and takeover agreement required was approved by the Annual General Meeting of Siemens Aktiengesellschaft on 26 January 2016.

Hengeler Mueller advised Siemens on the spin-off. The Hengeler Mueller team included partners Jochen Vetter, Simon Patrick Link (both Corporate, Munich), Christian Hoefs (Labour, Frankfurt) and Daniel Wilm (Insurance Supervision, Düsseldorf) as well as associates Daniel Engel and Moritz Schuler (both Corporate, Munich).