The price of the company's shares closes the day at 17.79 euros
The price of Siemens Gamesa Renewable Energy (SGRE) has rebounded this Monday by 6.24% in the first trading day since on Saturday night Siemens Energy made a voluntary takeover bid (OPA) in cash on 32.9 % of the company that it does not control and for an amount greater than 4,000 million euros.
In this way, SGRE has recorded the largest increase (+6.24%) of the Spanish selective this Monday and closes the day at 17.79 euros per share, compared to 16.745 last Friday.
Specifically, Siemens Energy proposes a voluntary takeover bid for the 32.9% that it does not control in SGRE with a price of 18.05 euros per share and without conditions.
The price implies a premium of +7.5% compared to the close of last Friday, of +27.7% over the price prior to the rumors of the takeover bid (May 17) and "is in line with the average price of the last six months (18.01 euros per share)”, according to Sabadell analysts.
«The offered price is above 16 euros per share, where we place our valuation of SGRE (18.2 euros per share is the average of the 'factset' consensus) after the latest events ('profit warning' and suspension of the long-term 'guidance')”, added the analysts of the financial institution.
Likewise, from Sabadell they maintain the target price of Siemens Gamesa at 18.05 euros for the takeover bid and change their recommendation to accept it (compared to their previous recommendation to sell before).
“Until the offer is approved (we do not expect its acceptance period to end, once it is approved by the National Securities Market Commission (CNMV), at least until the second half of October) the value will be close to of the offered price and, from that moment, the investor will have to assess whether to sell the SGRE shares or remain a shareholder waiting for a potential price improvement”, values the entity.
In addition, the Sabadell analysts predict that there will be "no type of competing offer" and consider that among the reasons why there could be an upward revision of the price of the offer during the acceptance period is that Siemens Energy "considers it appropriate to increase it to maximize the level of acceptance.
Another reason why this circumstance could occur would be that “you need it to get the CNMV to declare it »fair«, although from Sabadell they see this scenario »less likely«. SHORT POSITIONS AT SIEMENS GAMESA
According to the information available at the National Securities Market Commission (CNMV), the only short position 'alive' and greater than 0.5% of the capital of Siemens Gamesa is that of the investment fund AQR Capital Management, which has around 3 .4 million titles (0.5% of the total).
The fund has kept this short position open since May 6, when Siemens Gamesa shares closed their listing on the Ibex 35 at 13.945 euros per share, for which its value then amounted to around 47.5 million euros.
The price of Siemens Gamesa shares has closed this Monday at 17.79 euros (+27.57% since last May 6), so the titles that AQR Capital has short represent about 60.49 million euros, that is, almost 13 million euros more than last May 6.
Short positions are financial operations in which, in order to obtain profits, it is necessary for the value of which the shares are held to depreciate.