Minority shareholders of SG approve capital reduction

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The capital reduction was approved by 98.21% of the minority shareholders attending in person or by proxy (38.88%).

Approval was contingent on a presence of at least 25% of the minority shareholders with an approval rate of at least two-thirds. As a result of the capital reduction, the shares of the minority shareholders are redeemed. For that, the shareholders will receive compensation of €18.05 per Siemens Gamesa share, the same price that was offered in the original tender offer by Siemens Energy in 2022.

“This is an important step in preparing for full integration. Besides, the turnaround program at Siemens Gamesa, Mistral, needs further rigorous execution, even though we see first moves in the right direction,” said Christian Bruch, CEO and President of Siemens Energy, and Chairman of Siemens Gamesa.

Jochen Eickholt, CEO of Siemens Gamesa, added: “I am pleased that our minority shareholders are supporting our effort to fully integrate Siemens Gamesa into Siemens Energy. We can now further streamline our structures so that we can focus one hundred percent on improving our performance and achieving profitability.”

Siemens Energy announced the tender offer to acquire all remaining shares of Siemens Gamesa in May 2022. The tender offer concluded in December 2022, and following a sustained purchase order, Siemens Energy held around 98% of Siemens Games shares. Siemens Gamesa ceased trading on February 14, 2023. Upon completion of the transaction, Siemens Energy will have spent a total of €4.05 bn to acquire all shares not previously owned. In line with the target to maintain a solid investment grade rating, the transaction has mostly been financed with equity.

The post Minority shareholders of SG approve capital reduction appeared first on Project Cargo.

15 June 2023 |

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