Siemens Gamesa rises 6.24% on the stock market

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The price of the company’s shares closes the day at 17.79 euros

The price of Siemens Gamesa Renewable Energy (SGRE) is up 6.24% on Monday in the first trading day since Siemens Energy launched a voluntary cash tender offer (OPA) on Saturday night for 32.9% of the company it does not control. and for an amount greater than 4,000 million euros.

For example, SGRE recorded the largest increase (+6.24%) in the Spanish selective on Monday and closed the day at 17.79 euros per share, compared to 16.745 last Friday.

More specifically, Siemens Energy is proposing a voluntary takeover bid for the 32.9% it does not control in SGRE at a price of EUR 18.05 per share and without conditions.

The price implies a +7.5% premium to last Friday’s close, +27.7% to the price prior to the takeover bid rumors (May 17) and “is in line with the average price of the last six months (EUR 18.01 per share),” said Sabadell analysts.

«The price offered is above EUR 16 per share, where we place our valuation of SGRE (EUR 18.2 per share is the average of the ‘facts’ consensus) after the latest events (‘profit warning’ and suspension of the long term guidance)”, added the financial entity’s analysts.

Similarly, from Sabadell, they maintain Siemens Gamesa’s target price at EUR 18.05 for the takeover bid and are changing their recommendation to accept it (compared to their previous recommendation to sell earlier).

“Until the offer is approved (we don’t expect the acceptance period to end, once it’s cleared by the National Securities Market Commission (CNMV), at least until the second half of October), the value will be close to the price offered. . and from that point on, the investor will have to assess whether to sell the SGRE shares or remain a shareholder waiting for a possible price improvement,” the entity appreciates.

In addition, the Sabadell analysts predict that there will be “no type of competing offer” and believe that one of the reasons why there could be an upward revision of the bid price during the acceptance period is that Siemens Energy “is the appropriate eight to increase to maximize the level of acceptance.

Another reason why this circumstance could arise would be that “you need it to get the CNMV to declare it “reasonable” although from Sabadell they see this scenario as “less likely”. SHORT POSITIONS AT SIEMENS GAMESA

According to information available from the National Securities Market Commission (CNMV), the only “living” short position greater than 0.5% of Siemens Gamesa’s capital is that of the investment fund AQR Capital Management, which is approximately 3.4 percent. million titles (0.5% of the total).

The fund has kept this short position open since May 6, when Siemens Gamesa shares closed their listing on the Ibex 35 at EUR 13.945 per share, so the value was then approximately EUR 47.5 million.

The price of Siemens Gamesa shares closed this Monday at 17.79 euros (+27.57% since May 6 last year), so the titles that AQR Capital has short represent about 60.49 million euros, that is almost 13 million euros more than last May 6.

Short positions are financial operations in which it is necessary to make a profit for the value of which the shares are held to fall in value.

Source: La Verdad

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