Siemens Energy on Saturday launched a €4.05 billion ($4.28bn) bid for the remaining shares in struggling wind turbine unit Siemens Gamesa, hoping to remove a complex ownership structure that has weighed on its shares.
Siemens Energy said the €18.05 a share bid constitutes a premium of 27.7 per cent over the last unaffected closing share price of Spanish-listed Siemens Gamesa of €14.13 on May 17. It is a 7.8 per cent premium to Friday's closing price.
Siemens Energy has faced mounting shareholder pressure to seek control of Siemens Gamesa, in which it owns 67 per cent, a stake it inherited as part of a spin-off from former parent Siemens.
That stake has given Siemens Energy little influence to deal with product delays and operational problems at Siemens Gamesa. The group has issued three profit warnings in less than a year.
“It is critical that the deteriorating situation at Siemens Gamesa is being stopped as soon as possible, and the value-creating repositioning starts quickly,” said Joe Kaeser, Siemens Energy's supervisory board chairman.
This year, sources told Reuters that Siemens Energy was exploring options to acquire the remaining stake in Siemens Gamesa and a deal could materialise by summer.
Siemens Energy said it plans to finance up to €2.5bn of the transaction with equity or equity-like instruments, adding a first step could be a capital increase without subscription rights.
The remainder would be financed with debt as well as cash on hand, Siemens Energy said, adding it aimed to delist Siemens Gamesa. Spanish stock market regulations allow that once ownership of 75 per cent is reached.
Full integration of Siemens Gamesa will simplify Siemens Energy's structure and provide a more coherent business model that caters to legacy energy assets like coal, transition technologies such as gas, and renewable power sources.
“This transaction comes at a time of major changes affecting global energy,” Siemens Energy chief executive Christian Bruch said. “Our conviction is that the current geopolitical developments will not lead to a setback to the energy transition.”
Siemens Energy said the deal would lead to cost synergies of up to €300 million annually within three years of the full integration, mainly as a result of more favourable supply chain management, combined administration and joint R&D.
The deal should close in the second half and is expected to achieve revenue synergies of a mid triple-digit million amount by 2030, the group said.
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
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Killing of Qassem Suleimani
TOURNAMENT INFO
2018 ICC World Twenty20 Asian Western Regional Qualifier
The top three teams progress to the Asia Qualifier
Thursday results
UAE beat Kuwait by 86 runs
Qatar beat Bahrain by five wickets
Saudi Arabia beat Maldives by 35 runs
Friday fixtures
10am, third-place playoff – Saudi Arabia v Kuwait
3pm, final – UAE v Qatar
COMPANY%20PROFILE
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The view from The National
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- Promises of high, fixed or 'guaranteed' returns.
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- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
