Siemens Energy Denies Plans to Take Over Rest of Siemens Gamesa

(Bloomberg) -- Siemens Energy AG said it doesn’t plan to take over full control of Siemens Gamesa Renewable Energy SA, denying a report that prompted an hours-long halt in share trading.

The company didn’t mandate Morgan Stanley or Deutsche Bank for a takeover bid, according to a statement Tuesday, rejecting a report by the Spanish newspaper Expansion. Siemens Gamesa shares rose 2.6% after the trading halt lifted.

Siemens Energy group already owns 67% of the Spanish company Siemens Gamesa. In February 2020, Siemens AG agreed to pay 1.1 billion euros ($1.3 billion) to raise its holding in the wind-turbine maker by acquiring an 8% stake from Iberdrola SA.

The move paid off initially, as Siemens Gamesa shares more than doubled in 2020. But the trend changed this year, with the shares dropping more than 20% as part of a broader slump for clean-energy companies.

Siemens AG is Siemens Energy’s largest shareholder, which in turn is the biggest holder of Siemens Gamesa.

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