Announcement • Jan 26
Siemens Gamesa Approves its Definitive Delisting at an Extraordinary Shareholders' Meeting in Bilbao
Siemens Gamesa Renewable Energy, S.A. has approved on January 25, 2023 at an extraordinary general meeting of shareholders, held in Bilbao, its definitive delisting after the takeover bid (OPA) of Siemens Energy. The Shareholders' Meeting of the company, based in Bizkaia, was held in Bizkaia Aretoa, included, among other points, the delisting of the shares representing the entire share capital of Siemens Gamesa from the Madrid Stock Exchange, Barcelona, Bilbao and Valencia, which has finally come out ahead. In addition to ending the listing, the green light has also been given to a change in the company's social status to bring it into line with the regulations applicable to a non-listed company. As part of this change in status, the company's board of directors goes from 10 to three members. Specifically, the chairman, Christian Bruch, the CEO, Jochen Eickholt, and the proprietary non-executive director, Anton Steiger, will remain. The rest of the directors presented their resignation in December, which will be effective once the company's shares are no longer listed. BRUCH During the Meeting, the president, Christian Bruch, has indicated that it is at a "crucial moment" for the company, to which he has wished "success", since it is expected that the capacity of the global wind generation " it will probably almost double by 2027" and the wind energy business has "a very promising future". "Siemens Gamesa may be perfectly positioned to reap the benefits of this growth," he added. For this reason, Bruch has indicated that it is "so important" that "the wind business can be returned to the correct path to achieve success" and has stressed that the delisting is a "milestone of crucial importance" that will allow better coordination between companies and, furthermore, "it will provide Siemens Gamesa with greater support to resolve its economic difficulties". In his opinion, once the economic difficulties have been resolved, the future of Siemens Gamesa "is promising, as is that of wind energy as a whole". "Siemens Gamesa's potential for success in the medium and long term is enormous, but to reap those benefits, we have to act now", indicated the chairman, who acknowledged that, however, the financial results of recent years "have not been satisfactory and, if this trend continues, the future of one of the most important businesses is at stake". In this sense, he has stated that the macroeconomic context has been "complicated" but has recognized that part of Siemens Gamesa's problems have been "internal". In his opinion, the integration between Siemens and Gamesa "fell short, with an overly complex structure that has not been optimized since 2017", and to this have been added "the complications derived from the market launch of the new onshore platform 5 .X.". However, he believes that the Mistral program launched is designed to guide Siemens Gamesa towards "sustainable and profitable growth". As he has stated, in the short term, Mistral's objective is to solve the technical problems that affect the onshore 5.X platform. and, in the medium term, "the organization is going to be simplified". "In the onshore wind business this implies adjusting the product portfolio. Meanwhile, in the offshore wind business, the priority is to maintain Siemens Gamesa's leadership in the market," he assured.
