Gamesa eyed by Siemens; Deutsche Bank advising
Siemens [ETR: SIE] has mandated Deutsche Bank to analyse the acquisition of the Spanish wind-turbine manufacturer Gamesa [BME:GAM], El Confidencial reported, citing sources with knowledge of the process.
According to the report, Siemens has begun talks with Iberdrola [BME:IBE], the Spanish energy group that is Gamesa's main shareholder with a 19.7% stake. The two are exploring options to structure the operation, including a public offer, the Spanish-language report said.
Gamesa shares are trading at EUR 14.4 per share, giving the company a market capitalisation of EUR 4.021bn, the report noted.
Gamesa leads in Mexico, China and India and is the second largest operator in Brazil, the article added. In the US, the Spanish company is the fourth main operator.
In 2015 Siemens reported profit of EUR 7.38bn, up 34% on the previous year, over revenues of EUR 75.636bn, up 6.2%, El Confidencial said. The group’s wind and renewable energy division posted sales of EUR 5.66bn and profit of EUR 160m.
Gamesa announced last June that for 2017 it wants to reach annual sales of 3,500MW -3,800MW almost doubling the 1.953MW reported in 2013 and exceeding by almost 45% the figures in 2014. It anticipates EBIT of EUR 360m, double the figure in 2014.
In 9M15, Gamesa’s EBIT stood at EUR 235m (almost doubling the figure for the same period a year earlier) and its profit grew to EUR 126m, from EUR 64m in the same period a year earlier.
Gamesa will announce its annual results on 25 February, the report added.