Minority shareholders of Siemens Gamesa Renewable Energy (SGRE) have given the green light to a capital reduction for the remaining 2.21% stake not already owned by its parent, Siemens Energy.

The plan received the go-ahead from 98.21% of the minority shareholders, clearing the way for the Spanish wind turbine maker’s complete integration into Siemens Energy.

Siemens Energy CEO, president and SGRE chairman Christian Bruch stated: “This is an important step in preparing for full integration. The turnaround programme of [the] Siemens Gamesa, Mistral [strategy] needs further rigorous execution, even though we see first moves in the right direction.”

The approval resulted in the redemption of the shares of the minority shareholders.

Shareholders will secure compensation of €18.05 ($19.51) per share, the same amount as Siemens Energy offered in its original tender in May 2022.

In May 2022, Siemens Energy launched a €4.05bn takeover proposal for the remaining third of shares in the turbine maker that it did not already own.

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The tender offer closed in December 2022, with Siemens Gamesa quitting the Madrid stock market in February 2023.

With this move, the German company is looking to address the financial woes triggered by operational challenges at Siemens Gamesa.

The energy company believes that the integration will offer a more streamlined corporate structure and boost profitability.

Siemens Energy supervisory board chairman Joe Kaeser stated: “The full integration of SGRE is an important milestone for Siemens Energy’s positioning as a driver of the energy transition from fossil to sustainable energy solutions. This will benefit customers, employees, shareholders and ultimately society.

“It is critical that the deteriorating situation at SGRE is being stopped as soon as possible, and the value-creating repositioning starts quickly. The supervisory board strongly supports the executive board’s plans for the integration of SGRE.”