Siemens Energy already owns 67.07% of the Siemens Gamesa shares and will acquire the remaining 32.93% shares of Siemens Gamesa, at a price of €18.05 per share, to increase its ownership to 100%
Siemens Energy secures CNMV approval to buy remaining stake in Siemens Gamesa. (Credit: ZHANG FENGSHENG on Unsplash)
Siemens Energy has secured Spain’s National Securities Market Commission (CNMV) authorisation to acquire the remaining stake in Siemens Gamesa Renewable Energy.
Under the terms of the deal, Siemens Energy proposes to acquire 32.93% shares of Siemens Gamesa, at a price of €18.05 per share, which implies a total value of $4bn.
Siemens Energy already owns 67.07% of the Siemens Gamesa shares, which have been immobilised, and the acquisition will increase its ownership to 100%.
CNMV said that its analysis has considered the valuation submitted by Siemens Energy and its update, and has received external advice.
The analysis concluded that the submitted valuation range is consistent with the mandatory report provided by Siemens Energy.
Once the deal is finalised, the company can delist Siemens Gamesa shares from Spanish stock exchanges, subject to satisfaction of the requirements.
The shares are currently being traded in Madrid, Barcelona, Bilbao, and Valencia stock exchanges.
Also, the company can promote the delisting through an exception procedure set out under the Spanish Royal Decree on takeover bids, if it obtains at least a 75% stake.
The acceptance period shall be 36 days from the publication of the first announcement of the essential details of the bid and shall also end on a trading day.
The prospectus and supporting documents, which shall be incorporated into CNMV’s public registers, may be consulted with the essential information on the bid.
In May this year, Siemens Energy initially announced its plans to take full ownership of Siemens Gamesa by acquiring the shares it does not already own.
Siemens Energy then stated: “In light of recent media reports Siemens Energy AG confirms that management is considering a cash tender offer for all outstanding shares in Siemens Gamesa Renewable Energy S.A. with the intention to delist.
“The outcome of this consideration is open. No decision has been made and there is no certainty that a transaction will materialise.”
In September this year, Siemens Gamesa announced its plans to axe around 2,900 jobs, under the next phase of its Mistral strategy.
The move is driven by the impact of problems in its onshore wind segment, inflation, and other issues, said the company.