Siemens to Acquire Iberdrola's Stake in Siemens Gamesa for EUR1.1 Billion
February 05 2020 - 1:46AM
Dow Jones News
By Giulia Petroni
Siemens AG (SIE.XE) said late Tuesday that it would acquire
Iberdrola SA's (IBE.MC) stake in Siemens Gamesa Renewable Energy SA
(SGRE.MC) for 1.1 billion euros ($1.22 billion).
The German engineering conglomerate said the supervisory board
approved the purchase of the Spanish utility's 8.1% stake at a
price of EUR20 a share.
Siemens said it would transfer the shares to its future Siemens
Energy unit, combining it with its gas and power business, which is
to be spun-off and listed.
Following the acquisition, Siemens Energy will hold around 67%
of the voting rights at Siemens Gamesa--a two-thirds majority at
the company's annual general meeting. No mandatory takeover offer
to Siemens Gamesa's external shareholders is planned, Siemens
said.
"Siemens Gamesa Renewable Energy is a vital cornerstone in the
new Siemens Energy portfolio in order to shape the necessary energy
transition from conventional to renewable energy," Siemens's Chief
Executive Joe Kaeser said.
The company said all legal disputes with Iberdrola would be
settled and that it signed a cooperation agreement with both
Iberdrola and Siemens Gamesa for wind-power generation projects and
grid support.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
February 05, 2020 01:31 ET (06:31 GMT)
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