Siemens Energy estimates that the takeover bid for Siemens Gamesa could be launched in September

Euskaraz irakurri: Siemens Energyk irailean aurkeztuko du Siemens Gamesa beraganatzeko eskaintza publikoa

Siemens Energy estimated that the Takeover bid (takeover bid) for 32.9% of its subsidiary Siemens Gamesawhich he does not yet control, will be launched in mid-September and that the shareholders’ meeting to approve its delisting will take place in November.

In a presentation by Siemens Energy, on the occasion of the Capital Markets Day that it celebrates this Tuesday, it is included a calendar tentative offer, whose request for authorization must be accepted by the National Securities Market Commission (CNMV).

According to him, after the announcement of the launch of the takeover bid that Siemens Energy made on May 21, he expects that in mid-September the launch of the offer takes place, at a price of 18.05 per share, which means valuing the company at just over 12,294 million euros, with which the amount to be paid for almost 33% of Siemens Gamesa would be 4,048 millions.

However, the CEO of Siemens Energy, Christian Bruchhas indicated that it could be before the date that appears in that calendar, but it will depend on when the CNMV gives its authorization.

Siemens Energy has one month to request the authorization of the takeover bid and send the explanatory brochure to the CNMV from its announcement, that is, until June 22, although it plans to do so within the first half of the term it has.

Following the launch of the takeover bid in mid-September, according to the provisional schedule, Siemens Energy will determine a offer acceptance periodwhich would range from 15 to 70 days.

According to the estimated schedule, the result of the takeover bid would be announced in October and in November a general meeting of shareholders of Siemens Gamesa would be held to exclude it from the stock market.

Siemens Energy estimates that before the end of 2022 the operation will be completed.

Siemens Energy will reduce its management team by 30%

On the other hand, Siemens Energy has announced that it will reduce hierarchies and eliminate 30% of previous management positions, and that it will structure its gas and electricity business in three areas of activities starting in Octoberwhen your fiscal year 2023 begins.

The new structure of Siemens Energy foresees three areas of activities in the Gas and Electricity segment: gas serviceswhich brings together the traditional business of power plant turbines and services; network technologieswhich will encompass electricity transmission and also storage, and the industry transformation areawhich will group together the water electrolysis business and other industrial applications.

With this restructuring Siemens Energy wants to reduce complexity, create simpler hierarchies, shorten decision-making processes and strengthen employees’ individual sense of personal responsibility.

Siemens Gamesa reported this Tuesday at a meeting with investors and analysts in Germany of its strategy for the coming years. Siemens Energy’s CEO has said they want to be “faster, more flexible and more customer-oriented.”

Siemens Energy has reduced expenses of 350 million euros in its first half with cost-cutting measures.

Urkullu expects the company to contact the works council

The Lehendakari, Iñigo Urkullu, has acknowledged his “concern” for every company that is based in the Basque Country and, above all, for those that have takeover bid processes, as is the case of Siemens Gamesa.

“The Basque Government is precisely these days in communication with Siemens Gamesa and, we hope, also with Siemens Energy”, he stated, to trust that the company establishes a relationship with the works council.

After specifying that he is not going to give more details of the conversations held, “beyond what the representatives of Siemens Energy or, where appropriate, Siemens Gamesa have been able to do publicly”, he reiterated that they are in talks with them.