Siemens Energy has confirmed it is considering acquiring the remaining shares of Siemens Gamesa Renewable Energy it doesn’t already own.
Siemens Energy said in a stockmarket statement that management is considering a cash tender offer for all outstanding shares in Siemens Gamesa Renewable Energy S.A. with the intention to delist.
However, the company stressed that the outcome of this consideration is open.
They said that no decision has been made and there is “no certainty that a transaction will materialize”.
The move follows reports from Bloomberg that Siemens Energy is preparing to make an all-cash offer in the next week with a view to delisting the firm.
It already owns 67% of Siemens Gamesa, which currently has a market value of €9.6bn, said Bloomberg.
Jochen Eickholt took over as Siemens Gamesa’s new chief executive officer in March, replacing Andreas Nauen, who was in the job for less than two years.
Siemens Gamesa recently launched a new company plan to turnaround its fortunes.
The programme, called Mistral, is to focus on identifying key levers to expand margins in the medium term.
These will include achieving a solid top line, establishing a competitive high-quality product portfolio, optimizing cash flow, and exploring transformational measures to unlock the company’s full potential in the long-term, including technology harmonization and a portfolio review.
The move followed a “complex second quarter” for the turbine manufacturer that continued to be marked by volatile market dynamics.
The company also faced challenges posed by the ramp-up of the Siemens Gamesa 5.X platform, which was more complex than initially envisaged, according to the board.