Siemens Gamesa: Siemens to acquire Iberdrola's 8.1% stake
(CercleFinance.com) - Siemens said late on Tuesday that it will buy all the shares of Spanish-based wind turbine maker Siemens Gamesa Renewable Energy that are held by Spanish power firm Iberdrola.
The German industrial group said that it has approved the purchase of Iberdrola's 8.1% stake in Siemens Gamesa at a purchase price of 20 euros per share, which represents a 32% premium on Siemens Gamesa's average price over the last 30 trading days.
Siemens said it will pay a total of 1.1 billion euros from its own resources.
The deal means that all legal disputes between Iberdrola and Siemens will be settled.
As part of the spin-off and public listing of its gas and power business, Siemens will contribute all its shares in Siemens Gamesa to the new Siemens Energy company, with the pure-play energy company set to hold about 67% of the Spanish wind turbine maker.
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The German industrial group said that it has approved the purchase of Iberdrola's 8.1% stake in Siemens Gamesa at a purchase price of 20 euros per share, which represents a 32% premium on Siemens Gamesa's average price over the last 30 trading days.
Siemens said it will pay a total of 1.1 billion euros from its own resources.
The deal means that all legal disputes between Iberdrola and Siemens will be settled.
As part of the spin-off and public listing of its gas and power business, Siemens will contribute all its shares in Siemens Gamesa to the new Siemens Energy company, with the pure-play energy company set to hold about 67% of the Spanish wind turbine maker.
Copyright (c) 2020 CercleFinance.com. All rights reserved.