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    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.

      jpl-fec/hmn/lth

      SIEMENS ENERGY

      RENEWABLE ENERGY CORPORATION

      SIEMENS

      VESTAS WIND SYSTEMS

      GAMESA CORPORACION TECNOLOGICA SA

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