Nordex has launched a 10% cash capital increase in favour of anchor shareholder Acciona, triggering a mandatory takeover offer.
The capital increase, priced at €10.21 per share, raises €99m in new equity and increases Acciona’s shareholding in Nordex from 29.9% to 36.27%.
Under German law, this makes it mandatory for Acciona to launch a takeover bid, which would be at €10.32 per share, according to a statement. Alternatively, the Spanish outfit could announce and implement a pre-emptive voluntary takeover offer shortly.
Nordex management and its supervisory board will review any takeover offer as soon one has been made, a statement by the German manufacturer said.
The Spanish company added it accepted the proposal to buy the shares as Nordex has “solid growth prospects with the goal of strengthening its balance sheet in a challenging market environment”.
The capital increase is part of Nordex’s 2020 growth plan. It expects growth to be driven by ongoing demand for its Delta4000 platform, which have proved popular with customers.
“The capital increase provides additional equity to deliver on the strong order momentum,” the German company said.
“We welcome Acciona reinforcing its commitment and supporting Nordex with further equity, as its single biggest shareholder. This decision has the full support of the Nordex Supervisory Board including our longstanding shareholder SKion/momentum,” said Nordex chief executive Jose Luis Blanco.
“We see significant opportunities in the market with our leading products as we continue on our path to profitable growth.”