Siemens Gamesa logo at the entrance of its headquarters in Zamudio, near Bilbao. reuters
The German Siemens Energy has announced this Saturday a voluntary takeover bid (OPA) in cash for all the shares of Siemens Gamesa that it does not yet own, that is, approximately 32.9% of the capital of the Spanish company.
The objective is to exclude it from listing, as reported this Saturday night by the Siemens energy subsidiary.
It will offer 18.05 euros per share, which translates into a premium of 27.7% compared to the close on Tuesday, just before the company announced its plans.
At current market prices, 100% of Siemens Gamesa would be valued at just over 11,279 million euros, so an offer for 33% would exceed 3,722 million euros.
The acquisition financing is fully underwritten by Bank of America and JP Morgan and, assuming the offer is fully accepted, Siemens Energy intends to finance up to €2.5 billion of the value of the transaction with equity or similar instruments, while the remaining amount of the operation would be financed with debt and with available cash.
The company underlines that the transaction will support the efforts to resolve the current challenges of its Spanish subsidiary, helping to implement the necessary measures to stabilize the business and unleash its full potential.
“In particular, SGRE will benefit from Siemens Energy's increased involvement in day-to-day operations and its experience in transformations, especially in areas such as production, supply chain, and project and customer management,” he adds.
The rumor of a takeover bid for the exclusion of the German company over its Spanish investee had been on the table for a long time, although it had been denied until now.
Following full integration, the combined Group could benefit from anticipated cost synergies of up to approximately €300 million per annum within three years.
In addition, revenue synergies amounting to hundreds of millions of euros are also expected by the end of the decade.
For the CEO of Siemens Energy, Christian Bruch, the integration of Siemens Gamesa represents an "important" step in its strategic roadmap with the aim of leading the energy transition.
For his part, the chairman of the supervisory board of Siemens Energy, Joe Kaeser, has stated that the operation is an "important" milestone for the positioning of the multinational as a "driver of the energy transition from fossil energy solutions to sustainable energy. ”.
"The Supervisory Board strongly supports the Executive Committee's plans for the integration of Siemens Gamesa," he adds.
Siemens Gamesa was born in 2017 as a result of Gamesa's merger with the Siemens wind power division.
Then, the National Securities Market Commission (CNMV) exempted the German group from presenting a takeover bid due to the objective of the industrial project that the operation had.
In 2020, the German multinational increased its stake to 67% after buying its 8% stake in Iberdrola for almost 1,100 million euros, at a price of 20 euros per share.
In recent times, Siemens Gamesa has been particularly affected by problems in the supply chain, high costs and problems in the launch of its 5.X platform, its new large wind turbine, which has led it to chain a succession of downward revisions in their results.
On May 5, the group - which has changed its CEO twice in less than two years - announced losses of 780 million euros in the first half of its fiscal year 2022, compared to the red numbers of 54 million euros. euros from the same period a year ago.