Siemens Energy opened on Tuesday a 4.05 billion euro ($4.05 billion) bid for the third of the shares it does not own in its unit Siemens Gamesa, the German company said.
The acceptance period will last 36 calendar days and is expected to end on Dec. 13 2022, said the company, after the Spanish stock market regulator authorised the deal on Monday.
During the acceptance period, Siemens Gamesa’s shareholders who wish to do so may tender their shares in exchange for 18.05 euros per share in cash. The price offered by Siemens Energy included a premium of 28% over the last unaffected closing share price of Spanish-listed Siemens Gamesa.
Siemens Energy announced in May a plan to buy the remaining third of wind turbine maker Siemens Gamesa to improve its control over operational problems at the division that issued three profit warnings in less than a year.