Siemens to acquire Iberdrola’s stake in Siemens Gamesa Renewable Energy
Germany: Siemens AG will acquire all the shares of Siemens Gamesa Renewable Energy (SGRE) held by Iberdrola S.A.
At its regular meeting today, the Supervisory Board of Siemens AG approved the purchase of Iberdrola’s 8.1 % stake in SGRE. The purchase price is $22 (€20.00) per share, which corresponds to a 32 % premium on top of the average SGRE share price for the last 30 trading days. Siemens will pay the total amount of $1.2 B (€1.1 B) from its own resources. All legal disputes between Iberdrola and Siemens will be settled.
In addition, Iberdrola, Siemens and SGRE have signed a cooperation agreement that covers certain projects for wind power generation and for improving the distribution grid. For these projects, Iberdrola, as a customer of SGRE and Siemens, will grant these companies exclusive negotiation rights for a limited period of time.
As part of the spin-off and subsequent public listing of its Gas and Power business, Siemens will contribute all its shares in SGRE to the new Siemens Energy company. This move will create a pure-play energy company with a unique value proposition in the area of conventional and renewable energies. Siemens Energy, which will then hold about 67 % of the voting rights at SGRE, will have a two-thirds majority at the company’s annual general meeting. No mandatory takeover offer to SGRE’s external shareholders is planned.
“Way before anyone else, Siemens and Iberdrola had taken the first step to a necessary consolidation in the sector. We have created a leading and robust supplier of renewable energy and believe, that SGRE still has considerable potential to grow and create significant value. SGRE is a vital cornerstone in the new Siemens Energy portfolio in order to shape the necessary energy transition from conventional to renewable energy. Time has come to take this mission to the next step,” said Joe Kaeser, President and CEO of Siemens AG.