Siemens Energy Cleared to Fully Acquire Siemens Gamesa

Spain’s National Securities Market Commission (CNMV) has authorised the voluntary cash tender offer of Siemens Energy for the 32.9 per cent of Siemens Gamesa’s share capital that it does not already own.

Following a settlement of the offer, Siemens Energy, if it achieves at least 75 per cent of the capital, intends to pursue a delisting of Siemens Gamesa 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 is valued at around EUR 4.04 billion in total.

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

Siemens Energy launched the voluntary cash tender offer for the remaining shares in Siemens Gamesa back in May.

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The move was prompted by Siemens Gamesa’s recent financial performance issues, driven by operational challenges and industry-related headwinds and reflected in multiple profit warnings, according to Siemens Energy.

After full integration, the combined group may benefit from expected cost synergies of up to around EUR 300 million within three years, Siemens Energy said, and will mainly result from better supply chain and logistics costs, aligned project execution, joint and integrated R&D efforts, as well as cost reductions through an optimized administrative setup.

In addition, revenue synergies of a mid-triple-digit million EUR amount resulting from a joint go-to-market approach and combined offerings are expected by the end of the decade, Siemens Energy said.

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