Siemens Energy manages to carry out its takeover bid for Siemens Gamesa. The purchase offer has been accepted by the 25.65% of the capital that it did not control in the Spanish company. In this way, its participation in the subsidiary rises from 67% to 92.7%. The German group will activate its ‘plan A’ to take the company off the stock market through a forced sale, since only 7.3% of the shares remain outside its ownership.
The German holding company launched a takeover bid for 33% of Gamesa’s shares at a rate of 18.05 euros per title, that is, more than 4,000 million euros, which represented a premium of 27% when it was presented. The National Securities Market Commission gave the green light to the takeover bid on November 7 and it has been in force until December 13. Finally, 77% of the shares to which the takeover bid was addressed have accepted.
Under Spanish law, the delisting of a listed company requires at least 75% of the share capital in a voluntary takeover bid, followed by a simple majority for formal resolution at a general meeting. In case of exceeding 90%, the purchasing company may request the forced exclusion process. Siemens Gamesa will shortly call its shareholders to an extraordinary general meeting, which will take place in the first months of 2023. It is expected that the delisting will take place shortly thereafter.
As this medium published, the Siemens Energy operation responds to strategic reasons and to the stock market debacle of the German company since it went public in 2020, a figure far from the 34 euros that came to mark at the beginning of 2021 and for below the 18.05 that it has offered for its subsidiary.
The Technical Advisory Committee made the decision to leave it out of the main index of the Spanish stock market the same day that the term of the takeover bid ended at the expense of knowing the result, so now it must look for another company to replace it.
The Zamudio-based company thus puts the finishing touch to its journey through the parquet. He did it in the early 2000s when clean energy sources were being presented as the technology of the future. Two decades later and after several ups and downs, including mergers, it closes its stage with a correction of more than 50% from the highs it had a poisoning a year ago.
Now Siemens Energy must summon its shareholders in the first part of 2023 through an extraordinary general meeting, to remove it from listing shortly after. Investors may offer their shares at the announced price of 18.05 euros, for a minimum period of thirty days.
2022 has not been a good year for Siemens Energy. The war in Ukraine and the problem in the supply chains have hit its accounts and it records losses of 404 million euros at the end of its fiscal year, which runs from October to September, dragged down the 900 million hole in Gamesa. In fact, Fitch, which maintains its ‘BBB-‘ rating on Siemens Gamesa, has warned that much of the rating is influenced by Siemens Energy.