Siemens Energy has confirmed that it is planning a cash tender offer for all of the shares in wind turbine OEM Siemens Gamesa Renewable Energy, with the intention to delist
In an 18 May 2022 statement, Siemens Energy said, “The outcome of this consideration is open. No decision has been made and there is no certainty that a transaction will materialise.”
Trading in shares in Siemens Gamesa was briefly halted after media speculation about the plan.
Siemens Energy currently owns 67% of the wind turbine manufacturer, which has been struggling – as have several other leading wind turbine OEMs – battling the combined effects of longstanding problems at its onshore business unit and the effect of inflation in its supply chain.
In early May 2022, Siemens Gamesa said its financial performance continued to be affected by supply chain disruption and challenges with its 5.X onshore platform but it was ramping up efforts to turn around its fortunes.
Announcing results for the second quarter and first half of financial year 2022, the company said that such were the internal and external challenges it faces, its financial position could not be assessed with the usual degree of certainty.
As a result, Siemens Gamesa’s performance in FY2022 was reassessed and previous market guidance for FY2022 is no longer considered valid.
The company said it had already implemented action to urgently address short-term priorities, and a new plan will be launched to improve medium-term profitability, maximise long-term potential and ‘deliver the company’s full potential.’
The company also announced that it had appointed a new chief operating officer, Tim Dawidowsky, a member of the company’s board of directors since 2020, who joined the company from Siemens Energy, where he was senior vice president, project excellence.
In February 2022, the company appointed Jochen Eickholt, a member of the executive board at Siemens Energy, as its chief executive, replacing Andreas Nauen, who was appointed chief executive only 18 months earlier. Mr Nauen replaced the company’s former chief executive Markus Tacke in June 2020.
