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Siemens Energy AG has completed voluntary tender offer for outstanding shares in Siemens Gamesa Renewable Energy

Source: Energy & Management Powernews , December 20 2022

In the next step, Siemens Energy plans to delist its wind power subsidiary. The transaction is expected to generate cost and revenue synergies in the triple-digit millions.

With an acceptance rate of 77.88 percent, Siemens Energy AG has completed its voluntary tender offer for the outstanding shares in Siemens Gamesa Renewable Energy (SGRE). This corresponds to 174,686,626 shares sold by Siemens Gamesa's minority shareholders at an offer price of €18.05 per share, Siemens Energy announced.

This brings Siemens Energy's share in the capital stock of Siemens Games to 92.72 percent. With the completion of the transaction, the company said it aims to delist the Spanish wind power subsidiary, thus "simplifying processes" and "focusing on the operational turnaround of the Siemens Gamesa business."

For delisting under Spanish stock exchange law, 75 percent of the company's share capital is needed as part of a voluntary takeover bid, and a simple majority will then suffice for the formal resolution at the annual general meeting. SGRE will soon invite shareholders to an extraordinary general meeting in early 2023, Siemens Energy added. Subsequently, formal approval from the Spanish Securities and Exchange Commission (CNMV) would be required for SGRE shares to cease trading on the Madrid, Barcelona, Bilbao and Valencia stock exchanges approximately one week after the extraordinary general meeting.

Siemens Energy continues to pursue its goal of acquiring 100 percent of the share capital in SGRE and fully integrating the company. With the invitation to the extraordinary general meeting, investors would have the opportunity to sell their shares at the offer price of 18.05 euros per share for at least one month.

Siemens Energy said it expects the transaction to generate annual cost synergies of up to 300 million euros within three years after full integration, as well as revenue synergies in the mid-triple-digit million euro range by the end of the decade.

Author: Katia Meyer-Tien