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Siemens AG will acquire all the shares of Siemens Gamesa Renewable Energy (SGRE) held by Iberdrola S.A. At its regular meeting today, the Supervisory Board of Siemens AG approved the purchase of Iberdrola’s 8.1% stake in SGRE. The purchase price is €20.00 per share, which corresponds to a 32% premium on top of the average SGRE share price for the last 30 trading days. Siemens will pay the total amount of €1.1 billion from its own resources. All legal disputes between Iberdrola and Siemens will be settled.
In addition, Iberdrola, Siemens and SGRE have signed a cooperation agreement that covers certain projects for wind power generation and for improving the distribution grid. For these projects, Iberdrola, as a customer of SGRE and Siemens, will grant these companies exclusive negotiation rights for a limited period of time. Furthermore, Siemens expects that additional annual savings of up to €100 million can be realized by unwinding the shareholder agreement and through intensified cooperation between Siemens and SGRE, resulting in a net present value of about €900 million.
As part of the spin-off and subsequent public listing of its Gas and Power business, Siemens will contribute all its shares in SGRE to the new Siemens Energy company. This move will create a pure-play energy company with a unique value proposition in the area of conventional and renewable energies. Siemens Energy, which will then hold about 67% of the voting rights at SGRE, will have a two-thirds majority at the company’s annual general meeting. No mandatory takeover offer to SGRE’s external shareholders is planned.