Germany gives the green light to the Acciona opa on Nordex wind energy

The German regulator gives the green light to Acciona’s OPA over 100% of the capital of its Nordex wind turbine manufacturing subsidiary, an operation that would value this company at more than 1,100 million euros. The group of José Manuel Entrecanales was forced to launch an offer after injecting 99 million euros of liquidity to the wind power company through a capital increase that led it to exceed the 30% level of the company’s shares , the legal limit to launch that takeover.

Acciona raised the share of 29.90% that it had in the wind turbine manufacturer to subscribe for this expansion to 36.27%. With it, it helps its subsidiary to digest costs for the development of its new wind turbine and provides the necessary financing to undertake wind power projects in its portfolio.
Once the German regulator has approved the operation, an acceptance period of thirty days starts until December 18. Then the additional acceptance period will begin, which will last two weeks, from December 24 of this year to January 6, 2020. The takeover bid, with a cash price of 10.34 euros per share, must also receive The approval of the United States competition authorities.

Nordex is the German-based turbine manufacturer, which Acciona established when, in October 2015, it merged its then manufacturer Acciona Windpower with the German company of the same name, becoming the first partner of the resulting company. As for the amount of the takeover bid, since Acciona already has 36.27% of the capital, it would amount to the group about 700 million euros in the event that all other partners accept it.

In the capital of Nordex the former control partners of the group, the family investment firm Skion, continue with a 5.7% stake, and that seems to be willing to continue in the company. 64% of the remaining capital is ‘free float’.