Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. Germany
  4. Xetra
  5. Siemens Energy AG
  6. News
  7. Summary
    ENR   DE000ENER6Y0

SIEMENS ENERGY AG

(ENR)
  Report
Delayed Xetra  -  11:35:08 2023-02-03 am EST
19.10 EUR   -2.28%
04:11aSiemens Energy : Speech for opening of the Annual Shareholders' Meeting 2023 by Joe Kaeser - Chairman of the Supervisory Board
PU
04:00aSiemens Energy: gas and power business supports optimistic view for 2023
RE
03:46aTake Five: The Bottom Line
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Siemens Gamesa names parent's CEO as chairman ahead of possible merger

11/17/2022 | 01:28pm EST
Siemens Gamesa sign displayed at headquarters in Zamudio

MADRID (Reuters) - Wind turbine maker Siemens Gamesa appointed Siemens Energy Chief Executive Christian Bruch as its new chairman on Thursday amid a controversial buyout bid by its main shareholder.

Siemens Gamesa said the change of chairman was the "logical next step" in the potential merger and integration within Siemens Energy, one that unions oppose due to planned job cuts.

The appointment comes a week after the company missed its full-year core earnings margin target as revenue declined, mostly due to project delays and supply chain disruptions that stalled wind turbine generator production.

Bruch succeeds Miguel Angel Lopez, who had chaired Siemens Gamesa's board since December 2017 and tendered his resignation shortly before the announcement.

Earlier on Thursday, Siemens Gamesa said its board had issued a favourable opinion on Siemens Energy's offer of 18.05 euros ($18.65) per share in cash for the remaining third it does not already own in the Spanish company.

Four independent directors voted unanimously to recommend the deal and the remaining board members adhered to their decision, it added.

Last week, Siemens Energy formally launched its 4.05 billion euro bid after clearance from Spanish stock market regulator CNMV.

Trade unions oppose the takeover and seek to prevent the company planned 2,900 job cuts in its "Mistral" strategy programme.

The offer's employment conditions are "clearly insufficient, if not non-existent, as they do not provide any guarantee of employment protection or working conditions for the staff," the unions said in a report.

During the board meeting to evaluate the takeover offer, union representatives demanded that Siemens Energy maintain the wind turbine maker's current workforce over a five-year period.

They also asked the German company not to outsource activities that could affect employment volumes and to present a comprehensive plan detailing expected synergies and concrete implementation deadlines.

COVID-19 pandemic-related supply chain problems, competition and skyrocketing steel and aluminium prices - exacerbated by the war in Ukraine - have made manufacturing wind turbine components a tough business in recent years, despite strong demand from governments banking on wind energy to wean themselves off fossil fuels.

($1 = 0.9682 euros)

(Reporting by David Latona; Editing by Andrei Khalip and Josie Kao)

By David Latona


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
S&P GSCI ALUMINUM INDEX -1.89% 162.0357 Real-time Quote.10.71%
SIEMENS AG 0.90% 145.02 Delayed Quote.11.86%
SIEMENS ENERGY AG -2.28% 19.095 Delayed Quote.8.65%
SIEMENS GAMESA RENEWABLE ENERGY, S.A. 0.00% 18.05 Delayed Quote.0.00%
All news about SIEMENS ENERGY AG
04:11aSiemens Energy : Speech for opening of the Annual Shareholders' Meeting 2023 by Joe Kaeser..
PU
04:00aSiemens Energy: gas and power business supports optimistic view for 2023
RE
03:46aTake Five: The Bottom Line
RE
03:45aSiemens Energy : Speech for the Annual Shareholders' Meeting 2023 by Dr. Christian Bruch -..
PU
12:49aDespite criticism: many corporations stick to online AGMs
DP
02/02Siemens Gamesa's Q1 net loss widens to 884 million euros
RE
01/31Perella employee probed over alleged insider trading dies -sources
RE
01/30Scholz seeks to secure more critical minerals on South America tour
RE
01/30Cms : Siemens Energy AG: Release of a capital market information
EQ
01/25Siemens Gamesa Shareholders Approve Delisting Amid Takeover By Siemens Energy
MT
More news
Analyst Recommendations on SIEMENS ENERGY AG
More recommendations
Financials
Sales 2023 30 722 M 33 339 M 33 339 M
Net income 2023 -34,2 M -37,1 M -37,1 M
Net cash 2023 2 415 M 2 621 M 2 621 M
P/E ratio 2023 -336x
Yield 2023 1,05%
Capitalization 13 739 M 14 910 M 14 910 M
EV / Sales 2023 0,37x
EV / Sales 2024 0,33x
Nbr of Employees 92 000
Free-Float 58,3%
Chart SIEMENS ENERGY AG
Duration : Period :
Siemens Energy AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SIEMENS ENERGY AG
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 19,10 €
Average target price 21,70 €
Spread / Average Target 13,6%
EPS Revisions
Managers and Directors
Christian Bruch President & Chief Executive Officer
Maria Ferraro Chief Financial, Inclusion & Diversity Officer
Josef Kaeser Chairman-Supervisory Board
Laurence B. L. Mulliez Independent Non-Executive Member-Supervisory Board
GŘnter Augustat Member-Supervisory Board
Sector and Competitors