Siemens Gamesa: Oddo lowers its price target

( – Oddo maintains its ‘outperformance’ rating for Siemens Gamesa stock, with a price target lowered from 21 to 18.1 euros.

The analysis office reports that Siemens Energy has launched a cash takeover bid for the entire capital of Siemens Gamesa (SGRE) which it does not own, ie approximately 32.9% for 4 billion euros.

Minority shareholders of SGRE will be offered 18.05 E per share, i.e. a premium of 7.7% compared to the last price or a discount of 14% compared to the average price over 1 year of SGRE.

Siemens Energy aims to delist SGRE and close the deal by the end of the calendar year. The public takeover bid could be launched in mid-September.

“This operation was expected and given the capital structure of the group, a counter-offer from another player is unthinkable,” assures Oddo.

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