Admin l Thursday, March 16, 2023
BERLIN – German power firm Siemens Energy has decided to increase its share capital through partial utilization of its authorized capital under the exclusion of shareholders’ subscription rights to help fund its takeover bid of Spanish subsidiary Siemens Gamesa Renewable Energy.
Capital was increased to €799.31 million ($846.88 million) from €726.65 million, the company announced on Wednesday.
A total of 72.66 million new no par value registered shares were placed with institutional investors following an accelerated book building process.
The new shares carry full dividend rights for the current fiscal year as from 1 October 2022.
They were placed at a placement price of €17.32 per share resulting in gross proceeds of about €1.259 billion before deduction of commissions and expenses.
Siemens Energy said it will use the net proceeds from the capital increase to partially refinance the voluntary cash tender offer for all outstanding shares in Spanish-German wind engineering company Siemens Gamesa Renewable Energy.
