Siemens Energy has received authorization from Spain’s National Securities Market Commission (CNMV) for the voluntary cash tender offer for all outstanding shares in its subsidiary Siemens Gamesa.
Following a settlement of the offer, Siemens Energy, if it achieves at least 75% of the capital, intends to pursue a delisting of SGRE from the Spanish stock exchanges, where it currently trades as a member of the IBEX 35 index. The offer acceptance period will be 36 calendar days and commence the day following the publication of the first required regulatory public announcement of the offer, which Siemens Energy plans to do shortly. During the acceptance period, SGRE’s shareholders who wish to do so may accept the offer by tendering their shares for EUR 18.05 per share. The Offer price is supported by a valuation report issued by PricewaterhouseCoopers Asesores de Negocios, S.L. as independent expert and is within the valuation range determined by such independent expert.
Siemens Energy announced its plan for the subsidiary in May 2022. At the time the proposal was made, Siemens Energy chairman Joe Kaeser said, “It is critical the deteriorating situation at Siemens Gamesa Renewable Energy is stopped as soon as possible, and the value-creating repositioning starts quickly. The supervisory board strongly supports the executive board’s plans for the integration of the company.”