Munich In a difficult stock market environment, Siemens Energy raised almost 1.3 billion euros with a capital increase. “Interest in the capital increase was so high that it was oversubscribed almost four times,” said CFO Maria Ferraro on Wednesday evening. The Dax group wants to use the proceeds to partially refinance the complete takeover of the crisis subsidiary Siemens Gamesa.
Overall, Siemens Energy issued almost 72.7 million shares at a price of EUR 17.32. This corresponded to a capital increase of ten percent. The share held by the ex-mother Siemens falls from 35 to 32 percent as a result of the dilution. The technology group wants to further reduce its stake.
After years of losses in the renewable energy business, Siemens Energy decided to completely take over the wind power subsidiary Siemens Gamesa for a good four billion euros and to take it off the stock exchange. In order to keep debt within limits, the announced capital increase was part of the financing concept. A mandatory convertible bond had previously brought in 960 million euros.
Siemens Energy shares had fallen by almost seven percent on Wednesday before the start of the capital increase was announced as part of the sell-off on the stock exchanges. It closed in Xetra trading at EUR 18.23. In view of the difficult environment, Siemens Energy is absolutely satisfied with the price achieved, according to company circles. Now you can focus on the next steps, such as the integration of Gamesa and its restructuring.
The technology group Siemens had spun off the low-margin energy technology in autumn 2020 and floated it on the stock exchange. Since then, Siemens Energy investors have experienced rollercoaster rides. After the spin-off, the price rose quickly from 22 to 33 euros at the beginning of 2021.
In the face of more and more bad news from Gamesa, the share then dropped to ten euros at times. In the meantime, the group even had to leave the Dax again. The course only picked up again when the takeover of Siemens Gamesa became apparent.
Siemens Gamesa continues to make heavy losses
However, the operational situation at the wind power subsidiary remains difficult. In the first quarter of the current fiscal year 2022/23 (September 30), Siemens Gamesa made a loss of 884 million euros.
As a result, the losses in the entire group more than doubled from 246 to 598 million euros. CEO Christian Bruch had to cut the forecast for the year as a whole.
More: Siemens Energy doubles quarterly loss due to crisis subsidiary Gamesa