UPDATE - Siemens Energy confirms mulling bid for rest of SGRE

Source: Siemens Gamesa Renewable Energy SA (www.siemensgamesa.com)

May 18 (Renewables Now) - Munich-based Siemens Energy AG (ETR:ENR) on Wednesday confirmed media reports that it is considering a cash tender offer for the shares it does not already own in Siemens Gamesa Renewable Energy SA (BME:SGRE).

Siemens Energy’s intention will be to delist the loss-making wind turbine maker. The German company added that the outcome of its deliberation is open.

“No decision has been made and there is no certainty that a transaction will materialise,” it cautioned.

Earlier on Wednesday, Bloomberg reported that Siemens Energy is planning to launch a bid next week for a full takeover of the struggling business, in which it already holds a 67% stake, in an effort to better tackle its problems.

Rumours that Siemens Energy could seek full ownership of the Spain-based wind turbine manufacturer have been circulating for months.

Siemens Energy's chief executive Christian Bruch last week assured that an exit from Siemens Gamesa is not an option for the majority shareholder.

(EUR 1 = USD 1.054)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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