Spain-based wind turbine maker Siemens Gamesa received the approval of a capital reduction for the remaining 2.21% of shares not held by Siemens Energy by the minority shareholders, leading to the full integration of the company.

An overwhelming majority of 98.21% of the minority shareholders, in person or through proxies (38.88%), voted in favor of the capital reduction. The approval was contingent on a minimum presence of 25% of the minority shareholders, with a required approval rate of at least two-thirds.

Consequently, the shares held by the minority shareholders will be redeemed, and they will receive compensation of €18.05 (~$19.48) per Siemens Gamesa share. This price matches the original tender offer made by Siemens Energy in 2022.

Siemens Energy initiated the tender offer in May 2022 to acquire all remaining shares of Siemens Gamesa. The tender offer concluded in December 2022, and because of sustained purchase orders, Siemens Energy acquired approximately 98% of Siemens Gamesa’s shares.

Following these successful proceedings, Siemens Gamesa ceased trading on February 14, 2023. Completing the transaction required Siemens Energy to allocate €4.05 billion (~$4.37 billion) to acquire all previously unowned shares.

The transaction was financed through equity to maintain a solid investment grade rating.

Christian Bruch, CEO and President of Siemens Energy and Chairman of Siemens Gamesa, emphasized this development’s significance, stating, “This is an important step in preparing for full integration. Besides, the turnaround program at Siemens Gamesa, Mistral, needs further rigorous execution, even though we see first moves in the right direction.”

Siemens Gamesa’s net loss widened to €884 million (~$971.9 million) for the first quarter of the financial year 2023 compared to €403 million (~$443.2 million) year-over-year.

Last June, the company signed a pact with clean energy company Vena Energy to supply its 3.X platform wind turbines for a 133 MW project in the Koppal district of Karnataka.