Siemens Energy is now only one approval away from being able to delist Siemens Gamesa from the Spanish stock exchange, the National Securities Market Commission (CNMV). The company said in a statement.
The decision is not surprising. In November, Siemens Energy was granted permission to implement a takeover bid. Specifically, the offer to shareholders was 18.05 euros (137.62 DKK) per share. This offer was accepted by 77.88 percent of the remaining shareholders.
This resulted in Siemens Energy announcing in December that it had accepted an offer for 174,686,626 shares, corresponding to 25.65 percent of the remaining shares at a total price of 3.15 billion euros (23.4 billion DKK). Combined with the 67.07 percent which was already owned, Siemens Energy's ownership of Siemens Gamesa rose to 92.72 percent. This meant that Siemens Energy held the vast majority of the voting rights and was assured of a majority for its delisting.
Cuts in the board of directors
Siemens Gamesa has lost a lot of money in recent years, the hope is that the delisting can help create elbow room to make the necessary changes in the company to turn the red numbers into the black.
- Despite major investments being made in renewable energy, the wind industry is facing serious financial challenges. Siemens Gamesa has presented the Mistral strategy program to get back on track, and the company must now implement it. The delisting will support the management team in focusing completely on the all-important financial turnaround, says Chairman of the Board Christian Bruch.
The shareholders approved all items on the agenda at the general meeting, including amendments to the company's articles of association to adapt them to the rules for unlisted companies. Among other things, Siemens Gamesa's board of directors will be reduced from ten to three members. This means that the board of directors will now consist of Christian Bruch, CEO Jochen Eickholt and Anton Steiger.
With the acquisition and integration of Siemens Gamesa, Siemens Energy expects to achieve savings through synergies of 300 million euros (2.2 billion DKK) per year.
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