Struggling turbine giant Siemens Gamesa moved closer to a full takeover by parent group Siemens Energy when shareholders backed its delisting from the Madrid stock exchange, as chairman Christian Bruch warned of the urgency of changing the company’s fortunes amid a European wind industry facing “a critical situation”.
Bruch – who is also CEO of Siemens Energy, which is mounting a $4bn bid to take controlof the one third of Siemens Gamesa it does not own – said the delisting will allow management to focus “entirely on the all-important financial turnaround” of Siemens Gamesa, which lost €940m ($1bn) in its last financial year and has just posted a widening operating lossin the first quarter of its fiscal year 2023.
