Spanish regulator allows Siemens Gamesa’s $4 B takeover
Spanish stock market regulator CNMV has authorised Siemens Energy’s $4 B bid for the shares in its Spanish unit Siemens Gamesa it does not own.
Image source: Euronews.next
Spain, Madrid: Spanish stock market regulator CNMV has authorised Siemens Energy’s $4 B bid for the shares in its Spanish unit Siemens Gamesa it does not own.
Siemens Energy announced in May 2022 a plan to buy the remaining third of wind turbine maker Siemens Gamesa to improve its control over operational problems at the division that issued three profit warnings in less than a year.
The $18.02 (€18.05) per share bid constitutes a premium of 27.7 % over the last unaffected closing share price of Spanish-listed Siemens Gamesa, which rose 0.3 % at $17.96 (€17.99) in early trade on 7 November.
The tender offer will stay open for 36 days following Siemens’ first public announcement, the regulator said.
Siemens Energy said on 7 November it intends to launch the offer “shortly”. It had previously said it expected to make a bid in September.
It has also said that if it reaches 75 % ownership in Siemens Gamesa, it would hold an extraordinary shareholders’ meeting to approve a delisting of the Spanish company.
Source: Euronews.next