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Siemens Energy Offers To Buy Siemens Gamesa Renewable Energy For EUR 18.05/shr

Germany's Siemens Energy AG (SMEGF.PK SMNEY.PK) offered to buy remaining about 32.9 percent stake in Siemens Gamesa Renewable Energy SA (GCTAF.PK) for 18.05 euros per share in cash. The company already owns about 67.1 percent stake in the Spanish-German wind turbine maker.

Under the terms of the public tender offer, holders of Siemens Gamesa Renewable Energy or SGRE shares will receive a premium of 27.7 percent to the last unaffected closing share price of SGRE of 14.13 euros on 17 May 2022.

Siemens Energy intends to pursue a delisting of SGRE from the Spanish stock exchanges, where it currently trades as a member of the IBEX 35 index.

Siemens Energy intends to finance up to 2.5 billion euros of the transaction value with equity or equity like instruments. The remainder of the transaction would be financed with debt as well as cash on hand. As a first step, equity may be offered without subscription rights, subject to market conditions.

The transaction is expected to close during the second half of the year 2022.

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