- Published: 26 October 2016 26 October 2016
Gamesa shareholders representing 99.75% of its share capital ratify the merger with Siemens Wind Power. By virtue of this transaction, Gamesa will absorb Siemens's wind power assets in exchange for newly-issued shares in Gamesa. In the wake of the deal, Siemens will own 59% of the new company, while Iberdrola will retain an 8% interest.
The company's shareholders also approved the distribution of a special cash dividend of €3.591 per share (before withholdings), to be paid out by Gamesa after the merger closes. The pre-tax figure of €3.591 per share corresponds to the announced dividend of €3.75 per share, net of the ordinary dividend of €0.1524, already paid out by the company on 4 July. This ordinary dividend does not reduce the €1.05 billion of cash to be contributed by Siemens under the terms of the merger agreements. Now that the transaction has been approved by Gamesa's shareholders, the next steps are to secure confirmation from the Spanish securities market regulator (the CNMV) of Siemens's exemption from having to launch a public takeover bid and then obtain authorisation from the anti-trust authorities.