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Siemens Energy plans take-over of Siemens Gamesa

With wind turbine manufacturer Siemens Gamesa unable to get out of the red, parent company Siemens Energy has announced plans to entirely take over the company and turn it around.

Image: Siemens Gamesa Renewable EnergyImage: Siemens Gamesa Renewable Energy

Siemens Energy AG has announced a voluntary tender offer for all outstanding shares in Siemens Gamesa Renewable Energy, i.e. around 32.9 percent of SGRE's share capital not yet held by Siemens Energy. The minority shareholders in SGRE will be offered a price of €18.05 per share. This would represent a total consideration of just under €4 billion. Following successful completion of the transaction, Siemens Energy intends to delist the company from the Spanish stock exchanges.

Wind power is a key driver of the global energy transition. As such, SGRE's product and service offering represents a key component of Siemens Energy's long-term corporate strategy. However, SGRE is currently in a difficult financial situation due to operational problems and industry-related challenges, Siemens Energy announced. This was reflected in several profit warnings, among other things, which has increased the need for action. The integration will support management in addressing the current challenges at SGRE. Necessary actions can thus be better taken to stabilize the business as well as to unlock SGRE's full potential. SGRE will benefit from closer integration of Siemens Energy into the day-to-day business and its already proven restructuring expertise. This is particularly true in the areas of production, supply chain, project and customer management

"The full integration of SGRE is an important milestone for the alignment of Siemens Energy as a shaper of the energy transition from fossil to sustainable energy. This will benefit customers, employees*, shareholders and ultimately society. It is critical that the downward trend at SGRE is stopped quickly and that the value-creating realignment is started swiftly. The Supervisory Board therefore expressly supports the plans of the Managing Board to integrate SGRE," said Joe Kaeser, Chairman of the Supervisory Board of Siemens Energy AG.

Siemens Energy
Windfair Editors
Siemens Energy, Siemens Gamesa Renewable Energy, take over, bid, stock exchange, Germany, wind turbine, manufacturer, energy transition, red

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