Siemens Energy (ENR1n.DE) said on Saturday that it will offer 18.05 euros ($19.06) per share for the remaining third of Siemens Gamesa (SGREN.MC) that it does not already hold, in an attempt to simplify the company’s ownership structure, which has weighed on its stock.
Siemens Energy has launched a bid to take full control of Spanish wind turbine maker Siemens Gamesa Renewable Energery (SGREN.MC).
Siemens Energy said it plans to finance up to 2.5 billion euros of the transaction with equity or equity-like instruments.
The remainder would be financed with debt as well as cash on hand. As a first step, equity may be offered without subscription rights, subject to market conditions, it added.
The offer values all of the Spanish-German company’s equity at about 12.3 billion euros, and the targeted stake at 4.1 billion.
Siemens Energy inherited a 67% stake in the company as part of a spin-off from former parent Siemens (SIEGn.DE).
This report’s information was first seen on Reuters; to read more, click this link.
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