Siemens Gamesa’s minority shareholders have approved a capital reduction for the remaining shares not held by Siemens Energy, paving the way for a full integration of both companies.
The approval concerning 2.21% of shares occurred at the Extraordinary General Meeting of Shareholders.
Siemens Gamesa chief executive Jochen Eickholt (pictured) said he was pleased the turbine manufacturer’s minority shareholders are supporting its effort to fully integrate Siemens Gamesa into Siemens Energy.
He said: “We can now further streamline our structures so we can focus 100% on improving our performance and achieving profitability.”
Siemens Energy announced the tender offer to acquire all remaining shares of Siemens Gamesa in May 2022.
The tender offer concluded in December 2022, and following a sustained purchase order, Siemens Energy held around 98% of Siemens Games shares.
Siemens Gamesa ceased trading on 14 February 2023.
Upon completion of the transaction, Siemens Energy will have spent a total of €4.05bn to acquire all shares not previously owned.
In line with the target to maintain a solid investment grade rating, the transaction has mostly been financed with equity.
The capital reduction was approved by 98.21% of the minority shareholders attending in person or by proxy (38.88%).
Approval was contingent on a presence of at least 25% of the minority shareholders with an approval rate of at least two-thirds.
As a result of the capital reduction, the shares of the minority shareholders are redeemed.
For that, the shareholders will receive compensation of €18.05 per Siemens Gamesa share, the same price that was offered in the original tender offer by Siemens Energy in 2022.
Christian Bruch, chief executive and president of Siemens Energy, and chairman of Siemens Gamesa, said: “This is an important step in preparing for full integration.
“Besides, the turnaround program at Siemens Gamesa, Mistral, needs further rigorous execution, even though we see first moves in the right direction.”