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Siemens Energy gets takeover nod for Siemens Gamesa

By: Tom Russell 07/11/2022 Siemens Energy

General Turbines

Spain’s National Securities Market Commission (CNMV) has authorised the voluntary cash tender offer of Siemens Energy Global GmbH & Co. KG (“Siemens Energy”) for the 32.9% of Siemens Gamesa Renewable Energy, S.A., (“Siemens Gamesa”) share capital that it does not already own (the “Offer”).

Following a settlement of the offer, Siemens Energy, if it achieves at least 75% of the capital, 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 offer acceptance period will be 36 calendar days and commence the day following the publication of the first required regulatory public announcement of the offer, which Siemens Energy plans to do shortly. During the acceptance period, SGRE’s shareholders who wish to do so may accept the offer by tendering their shares for EUR 18.05 per share.

The Offer price is supported by a valuation report issued by PricewaterhouseCoopers Asesores de Negocios, S.L. as independent expert and is within the valuation range determined by such independent expert.

When originally announcing the offer in May 2022, Siemens Energy stated its offer is a response to SGRE’s recent financial performance issues, driven by operational challenges and industry-related headwinds and reflected in multiple profit warnings, increased the need for action. The integration aims to support management’s efforts to resolve the current challenges at SGRE by helping implement the necessary measures to stabilise the business and deliver on its full potential.

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Siemens Energy gets takeover nod for Siemens Gamesa

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