The Spanish Securities and Exchange Commission (CNMV) on Monday authorised Siemens Energy’s takeover bid for the 32.9% of its subsidiary Siemens Gamesa that it does not yet control.
Siemens Energy is offering 18.05 euros per share in its takeover bid for Siemens Gamesa, presented on 31 May and admitted for processing on 16 June, which values the company at 12,294 million euros, meaning that it would pay 4,048 million euros for the almost 33% it does not own.
As the CNMV recalls, Siemens Energy’s intention with its offer is to acquire 100% of Siemens Gamesa’s share capital, comprising 681,143,382 shares, admitted to trading on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges and included in the Stock Exchange Interconnection System. However, 67.07% of these shares, which the company already owns and which are immobilised, are excluded.
With regard to the price, 18.05 euros per share, the CNMV maintains that, although it is not precise as it is a voluntary offer, it is considered “sufficiently justified” for the purposes of the provisions of the Securities Market Act and the regulations on the takeover bid regime.
The acceptance period for the offer is 36 calendar days and will begin on the business day following the publication of the first public announcement, which Siemens Energy plans to make shortly, the company explained in a press release.
Following the settlement of the offer, the company intends, if it reaches at least 75 % of the capital, to promote the delisting of Siemens Gamesa from the stock exchange, where it is currently listed as part of the IBEX 35. Rumours about Siemens Energy launching a takeover bid for Siemens Gamesa have been persistent since last year.