Wind turbine maker Siemens Gamesa exits Madrid stock market after 22 years

Wind turbine maker Siemens Gamesa exits Madrid stock market after 22 years
By Reuters
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MADRID – Wind turbine maker Siemens Gamesa exited the Madrid stock market after 22 years on Tuesday, ending its last day of trading at 18.05 euros ($19.3), the same price per share its parent company offered to pay to take it private.

The stock market regulator CNMV on Friday ordered the suspension of trading in Siemens Gamesa shares from the close on Tuesday until its eventual delisting, which German parent Siemens Energy expects to happen on Feb. 10.

Siemens Energy, which used to own two-thirds of Siemens Gamesa, last year offered to buy all the shares in the business it didn’t already own in a 4.05 billion-euro bid.

As of Feb. 6, it had secured 97.59% of Siemens Gamesa stock.

Late last month, Siemens Energy shareholders approved the delisting. The exact date has still to be set by the regulator.

Siemens Gamesa’s poor performance in the past couple of years, including charges and profit warnings linked to quality issues, has weighed on the bottom line of Siemens Energy, which says such issues can be tackled more effectively via a full integration.

To help fund the bid, Siemens Energy plans to raise a maximum of 1.5 billion euros “as quickly as possible”, Chief Financial Office Maria Ferraro said as the group presented first-quarter results on Tuesday that reflected ongoing issues at the unit.

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