Madrid — The majority of Siemens Gamesa's shareholders have approved the delisting of its shares from Spanish stock exchanges, following a successful takeover bid by German parent Siemens Energy.
The delisting of the shares is now subject to authorization by the National Securities Market Commission and the settlement of all the purchase transactions, the company said Wednesday.
Siemens Energy said in May that it offered to buy the remaining about 32% stake in Siemens Gamesa Renewable Energy for €18.05 ($19.69) per share in cash.
The company already owns about 67.1% stake in the Spanish-German wind turbine maker.
The Commission authorized the offer in November 2022 and 77.88% of Siemens Gamesa's minority shareholders tendered their shares during the acceptance period, which closed on December 13.
As a result, Siemens Energy's stake in Siemens Gamesa increased to 92.72%.
Shareholders also approved the amendment of the by-laws of the company in order to adapt them to the regulations for non-listed companies.
Siemens Gamesa said it will reduce the number of members on the board of directors from ten to three.
Board members Francisco Belil, Gloria Hernández, Harald von Heynitz, Maria Ferraro, Rudolf Krämmer and Mariel von Schumann, who submitted their resignations in December, will leave Siemens Gamesa once the company is delisted.
The company stated that chairman Christian Bruch and chief executive Jochen Eickholt will remain on the new board along with Anton Steiger, who serves as a non-executive proprietary director.
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