FRANKFURT : Siemens Gamesa SGREN.MC, the Spanish-listed wind turbine maker majority-owned by Germany’s Siemens Energy ENR1n.DE, is expected to be delisted in February after shareholders voted in favour of the previously announced move.
More than 98% of shareholders approved the plan at Wednesday’s extraordinary general meeting, the company said.
Siemens Energy last year launched a bid to take over Siemens Gamesa completely and fix structural and operational issues that have become a burden to its parent.
“Resolving the current challenges at Siemens Gamesa and turning around the business is the number one priority,” Christian Bruch, chief executive of Siemens Energy and chairman of Siemens Gamesa, said in a statement.
“This is the right thing to do to get Siemens Gamesa back on track and I appreciate the decision of the outstanding shareholders to support our efforts to return to profitability.”
As part of its offer, Siemens Energy has secured a 92.7% stake in Siemens Gamesa, a stake that could still climb as the tender period was extended.
