Siemens Energy offers $4.3 bn for remaining stake in Siemens Gamesa
23 May 2022
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Siemens Energy AG on Saturday announced a 4.05 billion euro ($4.28 billion) voluntary cash tender offer to acquire all outstanding shares in Siemens Gamesa Renewable Energy, S A, forming approximately 32.9 per cent of SGRE’s share capital, which it does not already own.
SGRE’s minority shareholders will be offered €18.05 per share in cash. Following a successful closing of the transaction, Siemens Energy intends to pursue a delisting of SGRE from the Spanish stock exchanges, where it currently trades as a member of the IBEX 35 index.
The acquisition of the remaining shares in struggling wind turbine unit Siemens Gamesa will help remove a complex ownership structure that has weighed on its shares.
Siemens Energy said the 18.05 euros per share bid constitutes a premium of 27.7 per cent over the last unaffected closing share price of Spanish-listed Siemens Gamesa of 14.13 euros on May 17. It is a 7.8 per cent premium to Friday's closing price.
Siemens Energy has faced mounting shareholder pressure to seek control of Siemens Gamesa (SGRE), in which it owns 67 per cent, a stake it inherited as part of a spin-off from former parent Siemens.
That stake has given Siemens Energy little influence to deal with product delays and operational problems at Siemens Gamesa. The group has issued three profit warnings in less than a year.
"It is critical that the deteriorating situation at SGRE is being stopped as soon as possible, and the value-creating repositioning starts quickly," said Joe Kaeser, Siemens Energy's supervisory board chairman.
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