Delisting And Full Integration: Siemens Energy on Track With Takeover of Siemens Gamesa
Munich, Germany - After Siemens Energy announced its intention to acquire Siemens Gamesa Renewable Energy, S.A. in May 2022, the energy company has now reached an important milestone.
With the completion of the transaction, Siemens Energy aims to delist its Spanish wind power subsidiary from the stock exchange. This step is intended to help simplify processes and focus on the operational turnaround of the Siemens Gamesa business. The transaction is also expected to generate annual cost synergies of up to €300 million within three years of full integration. Siemens Energy also expects revenue synergies in the mid three-digit million euro range by the end of the decade.
Siemens Gamesa plans to invite its shareholders shortly to an extraordinary shareholders' meeting early next year. Subsequently, the Spanish Securities and Exchange Commission (CNMV) still has to formally approve the transaction so that trading of Siemens Gamesa shares on the Madrid, Barcelona, Bilbao and Valencia stock exchanges can be suspended approximately one week after the extraordinary general meeting. Siemens Energy continues to pursue its goal of acquiring 100 percent of the share capital of Siemens Gamesa and fully integrating the company. With the invitation to the Extraordinary General Meeting, investors will continue to have the opportunity to sell their shares at the offer price of €18.05 per share for at least one more month.
Source: IWR Online, Dec 12 2022