Siemens Energy Wins Spanish Regulatory Approval For Siemens Gamesa Takeover

Spanish stock market regulator CNMV authorized Siemens Energy AG's SMEGF SMNEY €4.05 billion ($4 billion) bid for the shares in its Spanish unit Siemens Gamesa Renewable Energy GCTAF GCTAY it does not own.
Siemens Energy announced in May a plan to buy the remaining third of wind turbine maker Siemens Gamesa. Siemens aimed to improve its control over operational problems at the division that issued three profit warnings in less than a year, Reuters reports.
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The €18.05 per share bid constitutes a premium of 27.7% over the last unaffected closing share price of Spanish-listed Siemens Gamesa.
The tender offer will remain for 36 days following Siemens' first public announcement.
Siemens Energy intends to launch the offer "shortly." It had previously said it expected to make a bid in September.
Siemens said that if it reaches 75% ownership in Siemens Gamesa, it will hold an extraordinary shareholders' meeting to approve a delisting of the Spanish company.
Price Action: SMNEY shares closed higher by 5.72% at $12.20 on Friday.