Siemens Energy AG announces voluntary cash tender offer for all outstanding shares in Siemens Gamesa Renewable Energy
MUNICH, GERMANY AND ZAMUDIO, SPAIN -- Following a successful closing of the transaction, Siemens Energy has said it intends to pursue a delisting of SGRE from the Spanish stock exchanges.
Siemens Energy has recently announced a voluntary cash tender offer to acquire all outstanding shares in Siemens Gamesa Renewable Energy, S.A. ("SGRE"), which amounts to allegedly approx. 32.9% of SGRE's share capital, which it does not already own.
According to Siemens Energy, SGRE's minority shareholders will be offered € 18.05 per share in cash. Following a successful closing of the transaction, Siemens Energy has said it intends to pursue a delisting of SGRE from the Spanish stock exchanges, where it currently trades as a member of the IBEX 35 index.
The integration is also said to support management's efforts to resolve the current challenges at SGRE by helping implement the necessary measures to stabilize the business and deliver on its full potential.
"The full integration of SGRE is an important milestone for Siemens Energy's positioning as a driver of the energy transition from fossil to sustainable energy solutions. This will benefit customers, employees, shareholders, and ultimately society," said Joe Kaeser, Chairman of the Supervisory Board of Siemens Energy AG.
It is said that after full integration, the combined Group may benefit from expected cost synergies of up to approx. € 300 million p.a. within three years. In addition, revenue synergies of a mid-triple-digit million € amount are expected by the end of the decade.
"The integration of SGRE is an important step on our strategic roadmap to lead the energy transition. As an integrated group with a more holistic offering, we will be even better positioned to support our customers on the way to a more sustainable future. Accelerating renewables will play a key role in this journey," said Christian Bruch, CEO of Siemens Energy.
Source: Siemens Energy
