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.
