Cool response ends Acciona takeover of Nordex

The proposed takeover of Nordex by Acciona has been dropped after shareholders were left unimpressed by the Spanish firm’s offer.

Acciona will retain its 36.41% stake in Nordex after shareholders declined to take up its offer

Just 0.14% of Nordex shareholders accepted Acciona's mandatory takeover bid in early January, so the Spanish company will retain a 36.41% stake in the manufacturer.

The low uptake of the offer ends the takeover process, launched in early October after Acciona increased its stake in Nordex by injecting €99 million of extra liquidity in the turbine maker to execute projects and deliveries.

Under German law, any shareholder that acquires a controlling stake of a company over 30% must launch a public offer for the outstanding shares.

Acciona offered €10.34/share, which was above the three-month average of Nordex share prices when the takeover bid was announced.

However, since then Nordex's share price has remained above €11/share, which could explain the low uptake on Acciona's offer.

Acciona first acquired a 29.9% stake in Nordex in a 2016 merger deal, which saw the German company take on Acciona's turbine manufacturing business.

Nordex announced an order intake of 6.2GW in 2019, up 31% year-on-year. It will release its full 2019 annual report on 24 March.