Munich Siemens Energy is about to make a long-awaited complete takeover of the Spanish wind power subsidiary Siemens Gamesa. The energy technology group is preparing a takeover bid for the remaining shares, reports the Reuters news agency, citing two insiders.
The aim is to take Siemens Gamesa off the Madrid Stock Exchange. At the current share price, Siemens Energy would have to spend around 3.1 billion euros for this. Siemens Energy and Siemens Gamesa did not want to comment on request.
The Bloomberg news agency reported that the offer could be made as early as next week and that at most a small price premium is foreseen. Siemens Gamesa closed at EUR 14.13 on Tuesday, the analysts’ target price is EUR 18 on average. News agencies reported in January that Siemens Energy was examining all options for a complete takeover and was aiming for a solution by the summer.
Siemens Energy already holds around two thirds of the shares in Siemens Gamesa, which has a market value of 9.5 billion euros. A deletion from the list of prices would enable a closer connection with the Spanish subsidiary.
Top jobs of the day
Find the best jobs now and
be notified by email.
It is actually a beacon of hope for the manufacturer of gas and steam turbines, but has been struggling with losses, missed profit forecasts and operational problems for years. This also weighs on Siemens Energy’s share price. Now the former Siemens crisis manager Jochen Eickholt should help to make Gemesa profitable.
Siemens Energy’s major shareholder Siemens is also putting pressure on it. The Munich technology group wants to reduce its remaining 35 percent stake to 25 percent as quickly as possible, but is hesitant because of the low share price. Siemens CFO Ralf Thomas recently expressed the expectation that Siemens Energy boss Christian Bruch would present drastic measures at the Capital Markets Day on May 24: “We assume that this will be groundbreaking.”
More: Siemens Energy falls into the red – CEO Bruch faces a big dilemma
