BlueFloat, China’s Dajin to partner on floating wind supply chain
Sep 19, 2024 15:04 CESTA minority shareholder of Siemens Gamesa Renewable Energy SA (BME:SGRE) plans to challenge in court Siemens Energy AG’s (ETR:ENR) EUR-18.05-per-share voluntary takeover offer for a 32.93% stake in the wind turbine maker, believing that the price is unfair, Spanish news agency Europa Press reported.
US investment firm FourWorld Capital Management, which holds a 0.7% stake in Siemens Gamesa, will seek a judicial review of the Spanish stock market regulator’s decision to approve the takeover bid, Europa Press said citing sources within the New York-based firm.
The acceptance period for Siemens Energy's cash offer for the Siemens Gamesa shares it does not already own will expire at midnight Central European Time on December 13. If the German energy tech group manages to raise its shareholding to at least 75%, it will seek to delist the turbine manufacturer from the Spanish stock exchanges.
According to Europa Press, its sources said FourWorld Capital would not participate in the takeover bid, thinking that the judicial review could produce a higher price. In addition, FourWorld Capital intends to acquire Siemens Gamesa shares in the coming days, the sources told the news agency.
In its November 7 decision to approve the takeover offer, Spanish regulator CNMV said the price of EUR 18.05 per share was “sufficiently justified”.
FourWorld Capital attempted to challenge the takeover operation twice. In July this year, the firm sent a letter to the CNMV, asking the regulator to ensure that the bid was based on an equitable price and complied with the Spanish law on the matter. It also sent another letter to Siemens Gamesa to ask what the company's board of directors had done to seek out competing bids, Europa Press reported.
FourWorld Capital is said to have retained legal counsel and will file for a judicial review in Spain’s National Court, according to the agency’s reporting.
BlueFloat, China’s Dajin to partner on floating wind supply chain
Sep 19, 2024 15:04 CESTSpain approves BlackRock's bid for GIP, impacting Naturgy - report
Sep 19, 2024 12:57 CESTSpain’s Solaria to go land hunting for Repsol’s renewables
Sep 18, 2024 14:35 CESTAcciona Energia bags 48.1-MWp EaaS solar project for Viscofan in Spain
Sep 18, 2024 13:40 CESTH-TEC to supply 1-MW electrolyser for H2 mobility scheme in Spain
Sep 17, 2024 11:56 CESTBP, Iberdrola invest in 25-MW green hydrogen project in Spain
Sep 12, 2024 19:04 CEST