The German giant now has one month to register the takeover bid with the National Securities Market Commission (CNMV). One of the headquarters of Siemens Gamesa is located in Zamudio and has two factories in Mungia and Asteasu.
Siemens Energy announced this Saturday a takeover bid Voluntary cash tender offer for all shares of Siemens Gamesa Renewable Energy (SGRE) it does not yet own, i.e. about 32.9%, with the intention of delisting it, as reported by the Siemens energy subsidiary.
It thus offers EUR 18.05 per share, which represents a 27.7% premium compared to the last unaffected closing price of May 17, 2022 of EUR 14.13 per share.
At current market prices, 100% of Siemens Gamesa would be valued at just over €11.279 millionso a bid of 33% would be more than 3,722 million euros.
The acquisition financing has been fully underwritten by Bank of America and JP Morgan and, assuming the offer is accepted in full, Siemens Energy plans to finance up to €2.5 billion of the value of the transaction with equity or similar instruments , while the remainder of the operation would be financed with debt and available cash.
In the statement, the company emphasized that the transaction will support management’s efforts to resolve SGRE’s current challenges, and help implement the necessary measures to stabilize the company and unleash its full potential. In particular, SGRE will benefit from Siemens Energy’s greater involvement in day-to-day operations and its transformation experience, especially in areas such as manufacturing, supply chain and project and customer management.
Upon full integration, the combined Group could benefit from expected cost synergies of up to approximately €300 million per year within three years. In addition, revenue synergies of hundreds of millions of euros are also expected by the end of the decade.
For Siemens Energy CEO Christian Bruch, the integration of Siemens Gamesa represents an “important” step in his strategic roadmap to lead the energy transition.
For his part, Siemens Energy’s chairman of the supervisory board, Joe Kaeser, has stated that the operation is a “key” milestone in positioning Siemens Energy as “a driver of the energy transition from fossil energy solutions to sustainable energy.”
The rumor of a takeover bid from Siemens Energy for its shareholding had been on the table for some time, but has so far been denied.
Siemens Gamesa was born in 2017 as a result of the merger of Gamesa with the wind energy division of Siemens. Subsequently, the National Securities Market Commission (CNMV) exempted the German group from submitting a takeover bid due to the purpose of the industrial project that the operation had. In 2020, the German multinational increased its stake to 67% after purchasing its 8% stake in Iberdrola for nearly 1,100 million euros, at a price of 20 euros per share.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
