Although business with onshore wind turbines is not going well, Siemens Energy would like to continue after the integration of subsidiary Gamesa.
Even after the successful integration of the wind power subsidiary Siemens Gamesa, Siemens Energy does not expect a quick solution to the problems. This is partly due to the duration of the projects, as Energy boss Christian Bruch says.
The group, which previously held 67.1 percent of Gamesa, had announced during the night from Saturday to Sunday that it wanted to buy the outstanding shares for EUR 18.05 each – that would be around EUR 4 billion in total.
Siemens Energy is sticking to wind turbines on land
Energy’s goal is to take Gamesa public and fully integrate it. In this way, the people of Munich want to support their daughter in turning things around. Gamesa has recently had to issue several profit warnings. The company is suffering from problems in its onshore wind turbine business. Bruch, however, once again expressly acknowledged this line of business. He sees no reason to deviate from the logic of offering facilities on land and in the sea as well as service.
With its offer, Energy is aiming for a complete takeover, but there is no minimum limit for effectiveness. If integration takes place, the group expects cost synergies of EUR 300 million per year within three years. According to Bruch, this is mainly about purchasing and logistics. Energy intends to complete the acquisition by the end of the year.
Initially a positive reaction from the stock market
The stock exchange initially reacted positively to the plans. Both the shares of the Munich group and those of the wind power subsidiary were clearly up in the morning. However, Energy had to give up these gains again during the course of the morning.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
