After more than a year of intense rumors about an operation that never came, and a week in which its closeness was already firmly acknowledged, last Saturday night, Siemens Energy confirmed that it had launched a takeover offer to buy the 32.8% stake that has yet to be controlled. subsidiary Siemens Gamesto exclude, wind turbine manufacturer To achieve the total integration of the Spanish stock exchange and both companies after paying close to 4,000 million.
As the German company declared, complete integration casts doubt on the permanence of Gamesa’s headquarters in Spain. The wind equipment manufacturer has its headquarters in Zamudio (Vizcaya) and as a result has an impact on the Basque Country through tax collection. Siemens Energy gives for a long time and points out that there is no visible change at the moment without firm commitments.
“I don’t foresee any changes for now”. “We are committed to operations in Spain and the Basque Country,” he said. Christian Bruch, CEO of Siemens Energy, at a meeting with the press this Monday. “I don’t have such decisions on my agenda. There will be no changes for now”, although he acknowledged that “deep discussions” with the management team on strategic issues for the future of the company should be addressed.
Siemens Gamesa’s talk about the maintenance of the financial headquarters drew attention to Bruch, who even initiated his intervention, emphasizing that the company “pays taxes in the countries in which it operates” and that the group “depends on this footprint in Spain”. He sends a greeting to the Basque Country and jokes that he cannot do it in Basque.
Unions suffer from job anxiety
UGT and CCOO show fears the operation will have a direct impact on maintaining employment from Gamesa. Trade unions say, “We cannot hide our concerns about work, because there is a sad experience that whenever a Siemens move has had a negative impact on employment in our country.”
“We will not stay on the sidelines to see what they decide to do with the future of Siemens Gamesa, and strong mobilizations are being worked on to sustain employment,” said UGT and CCOO. central Government and Basque Government take sides to guarantee employment in Spain Siemens Gamesa has nine production sites and 4,700 employees in the Spanish market.
Low price
The German parent company is offering 18.05 euros per share in cash Minority shareholders implying and pushing Gamesa worth about 12,300 million euros spent about 4,000 million euros to cover the overall gain of participation. The price of the takeover proposal, which still needs to be approved by the National Securities Market Commission (CNMV), is below 20 euros per share, which Siemens Energy purchased from Iberdrola in 2020 for its 8% stake in Gamesa. now the appropriateness of the assessment by the group.
Siemens Energy’s lower price offer to minority shareholders is justified as “the situation has deteriorated” and the company has made several cuts in its financial forecasts, directly impacted by problems in supply chains and escalating inflation. On a global scale. “The deterioration of the business is reflected in the price”, Siemens Energy convicted its CEO. In any case, the group emphasizes that the offer represents a premium of 27.7% over the May 17 price, when the operation appeared to be imminent.
Siemens Gamesa hasn’t stopped rising on the stock market since it realized last week that it’s been working on launching a takeover bid for the parent company. Following the confirmation of the operation, this Monday Gamesa’s shares on the Spanish stock market rose more than 6% to €17.8 per share, approaching the price of the offer submitted by its parent company.
The company advocates the integration of Siemens Energy and Gamesa due to the wind turbine manufacturer’s need to reorganize its business and optimize its operation. Predictions of the German group Achieving 300 million synergies per year three years after the integration of both companiesthanks to the savings in logistics costs and the simplification of corporate organization.
Source: Informacion
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