Siemens Energy wants to take Winkraft subsidiary Gamesa off the stock exchange
Created: 05/22/2022, 00:28
A Siemens wind turbine in the Oder-Spree district of Brandenburg.
© Patrick Pleul/dpa-Zentralbild/dpa
Siemens Energy is aiming for the complete takeover of its crisis-ridden subsidiary Gamesa.
The group wants to pay around four billion euros for the outstanding shares.
Munich - The energy technology group Siemens Energy is reaching for complete control of its Spanish wind power subsidiary Siemens Gamesa (SGRE).
With an offer of 18.05 euros per share, the Munich-based company wants to acquire the outstanding 32.9 percent, as they announced late Saturday evening.
That corresponds to around four billion euros.
If the offer is successful, Energy Gamesa wants to be taken off the stock exchange and integrated into the group.
Gamesa is headquartered in Spain and has been struggling with problems for some time.
Most recently, the daughter of her mother Siemens Energy had hailed the quarterly figures four times in a row.
The onshore wind power business in particular is struggling with costs and production difficulties.
Due to the operational problems and the challenges of the industry, Gamesa is "currently in a difficult financial situation," said Siemens Energy.
Synergies in costs and sales
The group emphasized that the planned integration would make it easier to take "necessary measures" to stabilize the business.
Gamesa will benefit from closer involvement - particularly in the areas of production, supply chain, project and customer management.
Energy is also hoping for cost and revenue synergies.
The people of Munich have been trying for a long time to get the situation at Gamesa under control.
Among other things, managers from Energy moved to top positions in Spain.
So does Jochen Eickholt, who has been boss at Gamesa since the beginning of March.
There had been speculation for a long time about whether Energy would not be able to solve the problems at Gamesa more easily if the subsidiary were bought completely and taken off the stock exchange.
On May 18, Energy announced that it was considering such an offer, and the decision has now been made.
Cheaper because of depreciation
In addition to the more direct crackdown on Gamesa, the elimination of reporting obligations could also have played a role.
In addition, the Gamesa shares had recently lost a lot of value in view of the problems in the company.
A complete takeover would be correspondingly cheaper.
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In a presentation published by Siemens Energy, the group names September as the target date for the start of the offer.
It could then end in October and, if successful, be completed by the end of the year.
Chairman of the Supervisory Board Joe Kaeser emphasized that it is "critical that the downward trend at SGRE is quickly stopped and the value-creating realignment is started quickly".
Therefore, the supervisory board "expressly supports the plans of the board of directors for the integration" of Gamesa.
dpa