ACCIONA Grabs for Nordex

  • Oct 09, 2019
  • WindEnergy

Spanish energy company ACCIONA is increasing its stake in German wind turbine manufacturer Nordex. This means that a takeover bid is due.

At the proposal of Nordex's Management Board, the Spanish company ACCIONA is to subscribe in full to a 10% increase in the share capital of the wind turbine manufacturer as part of a private placement.

The price for the capital increase under German law was calculated on the basis of the average Nordex share price of € 10.21 over the last three days, with the transaction valued at € 99 million.

ACCIONA, already Nordex's largest shareholder, accepted the proposal in view of the company's solid growth prospects with the aim of strengthening its balance sheet in a challenging market environment. The Spaniards are thus contributing to improving Nordex's solvency and reaffirming their commitment to the company's long-term success as an independent global turbine manufacturer.

"Nordex' growth path has the full support of its strategic investors, both Acciona and SKion/momentum. We welcome Acciona reinforcing its commitment and supporting Nordex with further equity, as its single biggest shareholder. This decision has the full support of the Nordex Supervisory Board including our longstanding shareholder SKion/momentum", says José Luis Blanco, CEO of Nordex. "We see significant opportunities in the market with our leading products as we continue on our path to profitable growth," he adds.

ACCIONA's stake in Nordex will increase from 29.9% to 36.27%, above the regulatory upper limit of 30%, which automatically sets the legal obligation to make a public takeover offer at the price of € -10.32 per share under German law until official confirmation - at the average share price of the last three months.

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