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Siemens Gamesa bids farewell to the Spanish stock market after two decades of listing

Date: March 26, 2023 Time: 15:41:33

Siemens Gamesa will cease to be listed permanently. The Extraordinary General Shareholders’ Meeting, based in Bilbao, has approved this Wednesday its delisting after the takeover bid (OPA) of Siemens Energy. Its abandonment of the park after 22 years of activity has made it necessary to modify the company’s bylaws to adapt them to the regulations applicable to a non-listed company.

As part of that change, the company’s board of directors goes from 10 to three members. Specifically, the chairman, Christian Bruch, the CEO, Jochen Eickholt, and the proprietary non-executive director, Anton Steiger, will remain. The rest of the directors presented his resignation in December, which effectively once the company’s shares will stop trading. The company thus follows the roadmap provided by its German parent company after raising its control over the Spanish firm from 67% to 92.7%.

During the Meeting, the president, Christian Bruch, has indicated that it is at a “crucial moment” for the company, to which he has wished “success”, since it is expected that the capacity of the world’s wind generation will probably it will almost double by 2027 and the wind energy business has “a very promising future”. “Siemens Gamesa may be perfectly positioned to reap the benefits of this growth,” he added.

For this reason, Bruch has indicated that it is “so important” that “the wind business can be returned to the correct path to achieve success” and has stressed that the delisting is a “milestone of crucial importance” that will improve coordination between companies and, furthermore, “it will provide Siemens Gamesa with greater support to resolve its economic difficulties”. In his opinion, once the economic difficulties have been resolved, the future of Siemens Gamesa “is bright, as is that of wind energy as a whole.”

“Siemens Gamesa’s potential for success in the medium and long term is enormous, but to reap those benefits, we have to act now”, indicated the chairman, who acknowledged that, however, the financial results of recent years “have not been satisfactory and, if this trend continues, the future of one of the most important businesses is at stake”, he specified.

In it, he stated that the macroeconomic context has been “complicated” but he has recognized that part of Siemens Gamesa’s problems have been “internal”. In his opinion, the integration between Siemens and Gamesa “fell short, with an overly complex structure that has not been optimized since 2017”, and to this have been added “the complications derived from the market launch of the new onshore platform 5 .X.”.

However, he believes that the Mistral program launched is designed to guide Siemens Gamesa towards “sustainable and profitable growth”. As stated, in the short term, Mistral’s goal is to solve the technical problems that fail the onshore 5.X platform. and, in the medium term, “the organization is going to be simplified”. “In the onshore wind business, this implies adjusting the product portfolio. Meanwhile, in the offshore wind business, the priority is to maintain Siemens Gamesa’s leadership in the market,” he assured.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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