Siemens Gamesa is set to cease trading on Spanish stock exchanges this Tuesday, finalizing all actions tied to Siemens Energy’s perpetual acquisition offer that started last December and followed the same economic terms as the initial takeover proposal. In practical terms, this means the wind turbine maker will move beyond the public markets as the process concludes, folding into Siemens Energy’s broader corporate strategy.
From Madrid, Barcelona, Valencia and Bilbao came the same development yesterday: Siemens agreed to remove 681,143,383 Gamesa Renewable Energy shares from listing. The stock has remained suspended since February 7, coinciding with the expiration of the perpetual buyout offer. This step marks a significant consolidation move for both groups and signals a clear shift in ownership and governance moving forward.
The nominal value of each excluded security stands at €0.17, which translates to a capital adjustment of €115.8 million in the total accepted consideration. This reflects the scale of the delisting and the corresponding reallocation of equity under the terms of the arrangement, underscoring the financial recalibration taking place as the deal closes.
As a result, Gamesa remains effectively out of public markets even though it is not wholly owned by Siemens Energy. The continuous buyout offer wrapped up after the purchase of 34.5 million shares in the preceding week, versus 49.6 million shares that Siemens Energy did not previously own when the operation began. Taken together, Siemens Energy now holds approximately 97.79% of Siemens Gamesa’s capital, highlighting a near-complete consolidation and the strategic alignment of the two entities under a unified corporate umbrella.
Three weeks ago, at an extraordinary shareholders’ meeting, Christian Bruch, the chairman of Siemens Gamesa, acknowledged that the company’s financial results in recent years have not met expectations. The candid assessment came amid a broader review of performance and strategy as the group prepared for the delisting process. Nevertheless, the executive emphasized that removing the company from public markets would streamline coordination between Siemens Energy and Siemens Gamesa, potentially enabling swifter decision-making and stronger financial discipline. The simplification was described as a way to provide further backing to Siemens Gamesa as it navigates current financial challenges and seeks more stable, long-term growth.
Siemens Energy’s first fiscal quarter, covering October through December 2022, ended with a loss of 473 million euros. This result was notably worse than the 131 million euro deficit reported in the same period a year earlier, reflecting the heavier impact of the ongoing challenges in Siemens Gamesa Renewable Energy. The quarterly performance in the October to December window showed a continuation of negative momentum, underscoring the realities the group faced as it moved toward delisting and restructuring its portfolio.
During the same period last year, Siemens Gamesa Renewable Energy posted 823 million euros in red numbers, a sharp contrast to the 320 million euro losses recorded in the first quarter of the previous fiscal year. The larger loss array highlighted the strain on the wind unit and the broader effects of the market environment, supply chain dynamics, and integration expenses associated with consolidating operations under Siemens Energy. These figures illustrate the financial pressures that formed the backdrop to the delisting decision and the push for greater operational coherence between the two entities, as documented in the company’s quarterly disclosures and subsequent statements by leadership.