Gamesa shareholder Iberdrola wants Siemens to raise offer
Gamesa's [BME:GAM] main shareholder Iberdrola [BME: IBE] wants Siemens [ETR:SIE] to raise its offer for the Spanish wind turbine maker, reported Expansion, citing financial sector sources. With 20% of Gamesa, Iberdrola holds the key to a deal, which the market has been expecting to be announced for several days, the Spanish-language report said.
The parties involved have reached agreements on the structure of the deal (merger by acquisition) that would give Siemens a majority stake in the merged venture, the report said.
An application will be made to the Spanish regulator (CNMV) for the deal to be exempt from the requirement for Siemens to launch a formal takeover bid for Gamesa on the grounds that the companies are participating in a wider business venture, the report said.
A number of analysts, including Banco Sabadell, have valued Gamesa at EUR 21 a share, making the company worth EUR 5.9bn, the report noted.
Expansion