Siemens Energy offers €4.1 bn for the balance of Siemens Gamesa

by Ludwig Burger and Christoph Steitz

FRANKFURT, May 21 (Reuters) – Siemens Energy said on Saturday it is offering 18.05 euros per share to buy out the balance of Siemens Gamesa’s capital it does not yet own, in order to simplify the Spanish company’s shareholding structure.

This operation represents a premium of 27.7% compared to the closing price of 14.13 euros posted on May 17 by Siemens Gamesa, a specialist in wind turbines.

Siemens Energy’s offer values ​​Siemens Gamesa at approximately 12.3 billion euros and the relevant stake at 4.1 billion euros.

Siemens Energy is facing growing pressure from shareholders to take full control of Siemens Gamesa, in which it holds 67% of the capital, a stake obtained as part of the split from its former parent company Siemens.

However, this participation has not so far enabled Siemens Energy to sufficiently influence the strategy of Siemens Gamesa, which has issued three profit warnings in less than a year.

“It is imperative that the deteriorating situation at SGRE (Siemens Gamesa) be stopped as soon as possible and that a repositioning for value creation begins quickly,” said Joe Käser, Chairman of the Supervisory Board of Siemens. Energy. (Report Christoph Steitz; French version Claude Chendjou)

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