The German company Siemens Energy announced this Saturday a takeover bid for its Spanish subsidiary Siemens Gamesa to exclude it from listing and integrate the business, with an offer of 18.05 euros per share.
As reported in a statement by the company, a subsidiary of the German group Siemens for business in the energy sector, with this operation it would acquire all the shares it does not yet own in Siemens Gamesa, approximately 32.9% of them, and, subject to the successful closing, intends to seek the exclusion of Gamesa from the Spanish stock markets, where it is currently listed as a member of the Ibex 35.
The aforementioned offer, of 18.05 euros per share, represents a premium of 27.7 percent with respect to the last unaffected closing price of May 17, of 14.13 euros per share.
Siemens Energy has stressed that the transaction will support management's efforts "to solve current challenges" and "will create value for shareholders of both companies."
Siemens Energy's intention, he added, is to fully integrate Siemens Gamesa, so that "full integration will lead to approximate cost synergies of up to 300 million euros per year in three years after full integration."
In addition, Siemens Energy expects revenue synergies to reach hundreds of millions of euros by the end of the decade.
The acquisition financing is fully underwritten by Bank of America and J.P. Morgan and, assuming the offer is accepted in its entirety, Siemens Energy intends to finance up to €2.5 billion of the value of the transaction with equity or similar instruments.
The remaining amount of the operation would be financed with debt and with the available cash, he pointed out.
Siemens Energy expects the transaction to close during the second half of this year.
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