Siemens takes over Iberdrola's stake in Siemens Gamesa

Prior to the establishment of Siemens Energy and amid a legal bout with dissatisfied stakeholders, Siemens buys the Spanish utility's shares in the wind OEM for EUR 1.1 billion.
Photo: VINCENT WEST/REUTERS / X00957
Photo: VINCENT WEST/REUTERS / X00957

Iberdrola is being bought out from its holdings in Siemens Gamesa. German industrial group and majority shareholder Siemens is acquiring the Spanish utility's 8.1-percent stake in the wind turbine maker for EUR 1.1 billion – EUR 20 per share – corresponding to a 32-percent premium based on the share price throughout the last 30 trading days. Siemens is paying the sum from its own capital reserves, the German group informs in a statement.

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