Gamesa suitor Siemens will try to avoid full takeover bid
Gamesa [BME:GAM] suitor Siemens [ETR:SIE] will ask the market regulator to exempt it from having to make a compulsory full takeover bid for the Spanish wind turbine maker, El Confidencial reported. According to the Spanish-language report, which cited unspecified sources from both companies, Siemens will argue that the merger project prioritises an improved business plan over the shareholding control, an exception contemplated in the Spanish takeover rules.
Siemens must present its proposal to the Spanish market securities’ regulator CNMV, which in turn will have 15 days to announce its decision, El Confidencial noted.
The operation will first go through an initial agreement between Siemens and Iberdrola to transfer Iberdrola’s stake in Gamesa to a newly created company to which Siemens will transfer its wind energy business.
The best structure for carrying out the operation without prejudice to minority shareholders would be to increase Gamesa’s capital to give the company more cash or include Gamesa’s business in a group with more financial muscle and growth potential, the report said.
Siemens and Iberdrola expect to announce an agreement within the next few days, the report’s sources said. The agreement may include an extraordinary dividend, the report added.
Siemens will invest at least EUR 5.5bn in Gamesa, El Confidencial said citing a valuation from Credit Suisse, which would value Gamesa stock at EUR 19.6.
El Confidencial