(Reuters) – Minority shareholders of Siemens Gamesa on Tuesday approved a capital reduction for the remaining 2.21% stake parent Siemens Energy (ENR1n.DE) does not already own, paving the way for a full integration of the Spanish-based wind turbine maker.
“This is an important step in preparing for full integration. Besides, the turnaround program at Siemens Gamesa, Mistral, needs further rigorous execution, even though we see first moves in the right direction,” Siemens Energy Chief Executive Christian Bruch said.
Siemens Energy last year launched a 4.05 billion euro ($4.37 billion) takeover bid for the remaining third it did not own in Siemens Gamesa, aimed at getting under control operational and structural issues at the subsidiary.
($1 = 0.9258 euros)