Siemens Gamesa minority shareholders on June 13 approved a capital reduction for the remaining 2.21 percent of shares not held by Siemens Energy in the Extraordinary General Meeting of Shareholders, paving the way for a full integration of both companies.
The capital reduction was approved by 98.21 percent of the minority shareholders attending in person or by proxy (38.88 percent). Approval was contingent on a presence of at least 25 percent 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 euros per Siemens Gamesa share, the same price that was offered in the original tender offer by Siemens Energy in 2022. “This is an important step in preparing for full integration,” said Christian Bruch, CEO and president of Siemens Energy, and Siemens Gamesa chairman. “Besides, the turnaround program at Siemens Gamesa, Mistral, needs further rigorous execution, even though we see first moves in the right direction.”
“I am pleased that our minority shareholders are supporting our effort to fully integrate Siemens Gamesa into Siemens Energy,” said Jochen Eickholt, Siemens Gamesa CEO. “We can now further streamline our structures so that we can focus 100 percent 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 about 98 percent of Siemens Gamesa shares.
Siemens Gamesa ceased trading on February 14, 2023. Upon completion of the transaction, Siemens Energy will have spent a total of 4.05 billion euros 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.
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