Siemens Energy has received authorisation to launch its voluntary cash tender offer for the shares it does not already own in Siemens Gamesa Renewable Energy (SGRE).
Spain’s National Securities Market Commission has authorised the offer, which will see Siemens Energy attempt to buy 32.9% of the turbine manufacturer from other shareholders.
Siemens Energy will shortly publish a regulatory public announcement of its offer, which will trigger a 36-day acceptance period.
During this window, Siemens Energy will offer SGRE’s other stakeholders €18.05 for each share they hold in the company. The offer price has been independently validated by audit firm PwC.
Siemens Energy plans to delist SGRE from the Spanish stock exchanges if it achieves at least 75% of the share capital. SGRE currently trades as a member of the IBEX 35 index.
Siemens Energy said it was making the offer earlier this year amid “recent financial performance issues, driven by operational challenges and industry-related headwinds.”
It said that SGRE’s “multiple profit warnings” had “increased the need for action”.
Siemens Energy believes that the integration will support the management’s efforts to resolve the “current challenges” at the business, as it will benefit from its turnaround expertise in the fields of manufacturing, supply chain, project and customer management.