Siemens Gamesa convenes meeting to complete delisting process

By: MRT Desk

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Siemens Gamesa convenes meeting to complete delisting process

Siemens Gamesa called an extraordinary general meeting on Tuesday for 25 January in order for shareholders to vote on an expected delisting from the Spanish stock exchange following the success of the takeover bid of German parent Siemens Energy.

The wind turbine maker, in which Siemens Energy owns 67%, also said its board of directors would be reduced from ten to three members, as part of the parent company’s plan to simplify the group’s structure and gain better control of operational problems.

The call for the general meeting of shareholders comes a day after Siemens Energy said it had acquired 92.72% of Siemens Gamesa as part of its tender offer, which still has one month to go.

In this way the company will be able to carry out the delisting and get all the control of the problematic Spanish division, which has made numerous cuts in forecasts and has had problems with a new model of terrestrial turbine.

From now on, the board will consist of Christian Bruch, President of Siemens Gamesa and CEO of Siemens Energy; Jochen Eickholt, CEO of Siemens Gamesa who joined Siemens Energy; and non-executive proprietary director Anton Steiger.

Siemens Gamesa has also confirmed the appointment of Richard Luijendijk, who has been with the company since 2015, as CEO of its onshore business effective January 1, and Eickholt has called him in a statement “the right candidate to successfully execute our turnaround and return profitability to the onshore business.”

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