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Acciona increases Nordex stake, triggering possible takeover

Spain's Acciona SA has increased its stake in German turbine manufacturer Nordex SE, in a move that means it could be required to launch a public takeover of the company.

Acciona is set to raise its stake in Nordex to 36.27% from 29.9%, after fully subscribing to the company's 10% cash capital increase. Under the German Takeover Act, companies are, in principle, obliged to submit a mandatory takeover offer if the 30% stake threshold is exceeded.

The capital increase was priced using Nordex's average share price over the past three days, €10.21, valuing the transaction at €99 million. Acciona said Oct. 8 it decided to subscribe to the share capital increase in view of Nordex's solid growth prospects.

"We see significant opportunities in the market with our leading products as we continue on our path to profitable growth," Nordex CEO José Luis Blanco said.

Instead of a mandatory public takeover, Nordex noted that Acciona could alternatively implement a preemptive voluntary takeover offer, which Nordex's management and supervisory boards would review.

According to research firm Wood Mackenzie, Nordex's commercial market share position is solidified with the backing of Acciona.

"The increased order intake is a trend we see continuing throughout 2019, as 3GW of orders were signed in H1 alone," Wood Mackenzie Principal Analyst Shashi Barla said. "For Nordex to continue this momentum and compete with larger peers, it is critical to have access to additional capital and financial strength. Acciona Energy's full ownership will aid Nordex in this respect."