The German group Siemens Energy announced on Monday that it holds 92.72% of Siemens Gamesa, its subsidiary specializing in wind power, following a takeover offer intended to withdraw this company in great difficulty from the Spanish stock exchange.
Siemens Energy, which previously held 67% of this subsidiary, got hold of three quarters of the shares targeted by this operation, announced in the spring, according to a press release from the Spanish market watchdog.
This represents an amount of 3.15 billion euros, according to a calculation by AFP.
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The German group plans to delist the wind turbine manufacturer “
” a general meeting of the company based in the Basque Country (northern Spain), “
planned during the first months of 2023
”, has Siemens Energy said in a statement.
Minority shareholders who have not yet tendered their shares to the offer will be able to do so soon, at the same price of 18.05 euros per share.
Strong economic difficulties
The integration of Siemens Gamesa is an important step in our strategy to support our customers towards the energy transition
", underlined the boss of Siemens Energy, Christian Bruch.
Siemens Gamesa, resulting from the merger in 2017 of the Spanish Gamesa and the wind energy division of Siemens, has been facing serious difficulties for years linked to the surge in commodity prices and increased competition from players. at low prices, especially Chinese.
Its losses reached a record level of nearly one billion euros in its 2021-2022 financial year.
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In this context, the German-Spanish group announced in September the elimination of 2,900 jobs worldwide, or nearly 11% of its workforce.
These job cuts will particularly affect Denmark (800 jobs cut), Spain (475) and Germany (300).
Siemens Energy has suffered for several years from the poor performance of Siemens Gamesa, which in April forced it to revise its forecasts for 2022. The German group expects 300 million euros in annual synergies within 3 years thanks to the full integration of Siemens Gamesa.