Siemens Energy AG (ETR:ENR) has been authorised by Spain’s National Securities Market Commission (CNMV) to kick off a takeover offer for the 32.9% stake it does not already own in Siemens Gamesa Renewable Energy SA (BME:SGRE).
The Munich-based company decided in May to seek full control of the distressed Spain-based wind turbine maker in an effort to stop the "deteriorating situation" at the subsidiary. The decision came after several profit warnings and massive losses by Siemens Gamesa.
The takeover offer of EUR 18.05 (USD 17.82) per share in cash will be launched shortly and run for 36 calendar days, Siemens Energy said on Monday.
In case the German company raises its interest in Siemens Gamesa to at least 75% of the capital, it will seek a delisting of the business from the Spanish stock exchange.
The authorisation by the Spanish regulator, which was initially expected after the summer break, caused a delay in Siemens Energy's timetable for the buyout. The voluntary takeover offer was supposed to be launched in mid-September and the transaction, including delisting, was to be completed by the end of the year.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.