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The approval for a capital decrease advances the process for the total integration of Siemens Gamesa into Siemens Energy.
During a general meeting of shareholders held on June 13, minority shareholders of Siemens Gamesa voted in favor of a capital reduction for the remaining 2.21% of shares not owned by Siemens Energy. This approval paves the way for the total integration of the two companies.
The motion for the capital reduction gained the approval of 98.21% of the minority shareholders in attendance or represented by proxy, equating to 38.88% of the total. The approval hinged on at least 25% of minority shareholders endorsing the motion with a minimum approval rate of two-thirds. Consequently, the minority shareholders' shares will be redeemed as a result of the capital reduction. The shareholders will receive a compensation of €18.05 per Siemens Gamesa share, equal to the price offered in the original tender offer by Siemens Energy in 2022.
“This is an important step in preparing for full integration, said Christian Bruch, CEO and President of Siemens Energy and Chairman of Siemens Gamesa: “Besides, the turnaround program at Siemens Gamesa, Mistral, needs further rigorous execution, even though we see first moves in the right direction.”
"I am pleased that our minority shareholders are supporting our effort to fully integrate Siemens Gamesa into Siemens Energy,” said Jochen Eickholt, CEO of Siemens Gamesa, "We can now further streamline our structures so that we can focus one hundred percent on improving our performance and achieving profitability."
Siemens Energy made a tender offer to acquire all outstanding shares of Siemens Gamesa in May 2022, and by December 2022, the offer had concluded. Following a sustained purchase order, Siemens Energy acquired approximately 98% of Siemens Gamesa's shares. Trading of Siemens Gamesa ended on Feb.14, 2023. After the finalization of this transaction, Siemens Energy will have invested a total of €4.05 billion to procure all the shares it did not previously own. To preserve a strong investment grade rating, the transaction has been primarily financed with equity.