Siemens Gamesa approves delisting after takeover bid by German parent company

Siemens Gamesa

Some 98.43% of shareholders voted in favour of the motion to delist the company. For the company to be effectively delisted, approval from the Spanish Securities and Exchange Commission (CNMV) is still required.
Christian Bruch, CEO of Siemens Energy and non-executive chairman of the Gamesa Board of Directors, said: “Our top priority is to solve Siemens Gamesa’s current challenges and to turn the business around. Jochen Eickholt and his team have started to implement major changes and we have already started to see that they have had an initial positive impact. The exit from the stock market will help the team to concentrate entirely on solving operational problems. This is the right thing to do to get Siemens Gamesa back on track and I appreciate the decision of the remaining shareholders to support us in our efforts to return to profitability.”

The delisting follows a voluntary cash tender offer by Siemens Energy at 18.05 euros per share. The acceptance period ran from 8 November 2022 to 13 December 2022. At the end of this period, Siemens Energy’s total stake in Gamesa amounted to 92.72%. Shareholders can still sell their shares under the sustained purchase order, which will be in place until the date on which the Spanish Securities and Exchange Commission (CNMV) suspends trading in the wind turbine manufacturer’s shares in preparation for its delisting from the stock market, which is expected next month, following CNMV approval.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.