Sunday, June 26 2022 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Jun 20
Week of Jun 13
Week of Jun 06
Week of May 30
Week of May 23
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Siemens Energy aims to delist troubled Spanish subsidiary

    May 18, 2022 - AFP World News


      Siemens Energy is considering making a takeover bid for its troubled wind power subsidiary Siemens Gamesa with a view to delisting the Spanish-German company, it said on Wednesday.

      The management of Munich-based Siemens Energy is "considering a cash tender offer for all outstanding shares in Siemens Gamesa Renewable Energy with the intention to delist", the group said in a statement.

      Siemens Energy holds a 67-percent stake in Siemens Gamesa, which manufactures onshore and offshore wind turbines.

      "The outcome of this consideration is open. No decision has been made and there is no certainty that a transaction will materialise," Siemens Energy said.

      The Spanish stock exchange regulator had on Wednesday morning announced the temporary suspension of Siemens Gamesa's shares on the Madrid stock exchange "due to circumstances that could disrupt the normal course of trading in the shares".

      Trading later resumed with Siemens Gamesa shares up more than 11 percent in Madrid, while shares in Siemens Energy rose nearly four percent in Frankfurt

      Siemens Energy, whose products include gas turbines, steam turbines and generators as well as wind turbines, has been dragged down lately by the poor financial performance of Siemens Gamesa.

      The group revised down its overall forecasts for 2022 in April after its Spanish subsidiary reported a heavy first-quarter loss due to rising costs and a lack of competitiveness.

      Integrating Siemens Gamesa could help Siemens Energy compete better with rivals such as Denmark's Vestas, simplify its financial reporting and improve internal synergies.

      Siemens Energy will hold an investor day in Berlin next Tuesday which may provide more details on the project.








    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.