Siemens Gamesa’s shareholders have approved the delisting of the company as part of the cash tender offer submitted by Siemens Energy in May 2022.
The National Securities Market Commission (CNMV) authorised the offer in November 2022 and almost 78% of Siemens Gamesa’s minority shareholders have sold their shares during the acceptance period, which closed on 13 December 2022.
As a result, Siemens Energy’s stake in Siemens Gamesa increased to just under 93%.
Following the approval granted today by the shareholders, the delisting of the Siemens Gamesa shares is now subject to authorization by the CNMV and the settlement of all the purchase transactions.
On 23 December 2022, Siemens Energy placed a standing purchase order at €18.05 to the remaining shares of Siemens Gamesa, which will be in force until the CNMV suspends its trading.
Addressing shareholders for the first time as non-executive chairman of the supervisory board of directors Christian Bruch explained that the European wind industry is in a critical situation.
He said: “Despite big investments flowing into renewables, the wind industry is facing serious financial challenges.
“Siemens Gamesa has presented the Mistral strategy program to get back on track, and the company needs now to implement it rigorously.
“The delisting will support the leadership team to focus entirely on the all-important financial turnaround.
“Concurrently, we have been discussing with regulators, policymakers, and our customers at all levels the requirements that are needed to make the strategically important wind industry successful.”
Siemens Gamesa will also reduce the number of board members ten to three, with the aim of simplifying the current governance structure and streamlining decision-making.
Board members Francisco Belil, Gloria Hernández, Harald von Heynitz, Maria Ferraro, Rudolf Krämmer and Mariel von Schumann, who submitted their resignations in December 2022, will leave Siemens Gamesa once the company is delisted.
Chairman Christian Bruch and chief executive Jochen Eickholt will remain on the new board along with Anton Steiger, who serves as a non-executive proprietary director.