Siemens Energy launched a long-expected €4.05bn ($4.3bn) bid to take full control of Siemens Gamesa, saying it is “critical that the deteriorating situation is stopped as soon as possible” at the troubled wind turbine OEM.

Siemens Energy offered minority shareholders €18.05 per share in cash for the 32.9% of the company it does not already own, saying if the bid is successful it will delist Siemens Gamesa from the Spanish stock market and integrate it into the wider business.

The German group last week finally admitted it was considering a move for the outstanding shares, although insisting no decision had been made.