The German parent company takes over 100% of the capital of the Spanish company, in which it was already a majority shareholder
The National Securities Market Commission (CNMV) has approved Siemens Energy’s Voluntary Takeover Offer (OPA) for Siemens Gamesa. Specifically, the regulator has decided to approve the operation presented on May 31 and authorized for processing on June 16, recognizing that its terms must be adapted to current regulations and the content of the explanatory brochure and the annexes deems sufficient, after the last changes registered on 2 November.
The offer is aimed at 100% of the share capital of Siemens Gamesa Renewable Energy, consisting of 681 million shares, admitted to trading on the stock exchanges of Madrid, Barcelona, Bilbao and Valencia and integrated into the Stock Exchange Interconnection System, excluding of 67.07% of the shares belonging to the bidder and immobilized.
As a result, the offer is effectively extended to the acquisition of EUR 224 million of Siemens Gamesa Renewable Energy, representing 32.93% of the share capital.
The price of the offer is EUR 18.05 per share and although it is not precise because it is a voluntary offer, according to the CNMV it is considered “sufficiently justified” within the meaning of the provisions of Article 130 of the text recast of the Securities Markets Act and in Articles 9 and 10 of the Royal Decree 1066/2007 of 27 July on the regime of public offers for the acquisition of securities.
In this regard, the CNMV has taken into account in its analysis the valuation report submitted by the bidder and its update, which, according to the methods and rules of the Royal Decree, ends with a value range in which the price of the offer .
In addition, the CNMV has received external advice in this case, which has concluded in its analysis that its valuation range is in line with that of the bidder’s mandatory report.
Source: La Verdad
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