- Ibex 35.Siemens Gamesa shoots on the stock exchange in the interest of Siemens to take 8% in the hands of Iberdrola
Iberdrola has reached an agreement with Siemens for the sale of its entire 8.07% stake in Siemens Gamesa for an amount of 1,099,545 million euros, the energy company informed the National Securities Market Commission (CNMV).
Specifically, the agreement represents an equivalent price of 20 euros per share of Siemens Gamesa and the sale will be consummated on Wednesday, the company added. The titles of the wind turbine manufacturer closed today on the Stock Exchange at a price of 15.78 euros, so the agreed price represents a premium of 27% with respect to the current value.
The group chaired by Ignacio Sánchez Galán said that this price is not subject to adjustments in the future and that the impact of this divestment on the consolidated financial statements of the 2020 energy year "will be determined and reported later."
In this way, Iberdrola and Siemens put an end to the disagreements that have arisen since months after the closing, in April 2017, of the merger between Gamesa and the Siemens wind division due to the management of the German company in front of the wind turbine manufacturer.
The last of the clashes between both stakeholder groups in Gamesa took place due to the corporate restructuring undertaken by Siemens for the future IPO of Siemens Energy, the new company that will group all the energy operations of the German multinational, including its participation in the Spanish wind turbine manufacturer.
In fact, this last step taken by Siemens in the management of the company has been the trigger for the departure of Iberdrola, historical partner of Gamesa, since its participation in the new company would have been diluted considerably, and the energy company has no interest in having financial stakes, and would have also made the group chaired by Ignacio Sánchez Galán a partner of a company whose core business has little to do with the renewable energy sector, since it will include stakes in the oil, gas and gas sectors. Traditional generation sources told Europa Press in sources familiar with the decision.
In the tribunals
This last episode ended in court. However, the trial scheduled for January 21, in the Commercial Court number 1 of Bilbao for this lawsuit filed by Iberdrola against the decision of the Siemens Gamesa board not to establish measures that could avoid the conflict of interest situation of the proprietary directors of Siemens, it was postponed, at the request of both parties, for a period of 60 days, in search of the negotiation of a solution.
In this context, the German multinational has offered an exit to Iberdrola and both companies have negotiated this agreement to make it effective.
This pact of sale between the two groups implies the signing of an agreement, for an initial period of six months, to strengthen and expand their current commercial relations in some areas of renewable and network businesses.
Likewise, it supposes the resolution of the parasocial pact signed between Iberdrola and Siemens on June 17, 2016, the termination of all ongoing judicial proceedings and the waiver of the purchase of shares of the respective groups for two years.
The pact signed in 2017 in the merger between the German multinational and Iberdrola established that, in case of breach by Siemens of any of the obligations and commitments of the agreement, the Spanish energy company would have the right to sell its share to the German company.
In that case, Iberdrola could exercise its right to sell its shares at 22 euros or at the quoted price at the market close of Gamesa's shares on the day the breach occurred plus a 30% premium. Finally, the price set for the exit of the Gamesa shareholder's energy company has not been of those 22 euros, although it represents an important premium with respect to the price of the wind turbine manufacturer
According to the criteria of The Trust Project
Know more- economy
Markets The effects of coronavirus spread to the economy and hit airlines and luxury firms on the stock market
Investment This weekend with Expansion, Guide to the values of the Ibex 2020
Markets Coronavirus panic spreads through the stock exchanges and the Ibex and oil plummets