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00:00A very precise number. Eighteen point zero five. It's a rather odd number. Why such a specific offer of eighteen point zero five. And is this your final offer. Good morning from my side. And obviously yes we worked long on the evaluation of the offer and we put forward a price to make sure that we exceed although the six months average value of the stock that was driving us. And this is why the number looks a little bit odd because it's based on the calculation procedures which are applied in the Spanish capital market. And this was a driver obviously for the pricing. Now I think we we put an awful forward for both sides of the shareholders for the Siemens company. So shareholders as well as for the Siemens Energy shareholders which we believe is a very attractive offer. And from here we work on and see over the next couple of weeks and months I'll see how we can proceed. What do you think it's do you think it's it's a full and final and plentiful offer. Well there is a very sound base. I mean we obviously have been looking in this transaction for a long time and we have a very light to date. And you also obviously see the opportunities in the wind market but we also obviously see the challenges what the company currently has. And in this regards we believe it's a very attractive offer to the Siemens companies and shareholders. And obviously we hope that we can convince the shareholders on that as well. For me the priority at the moment is also as fast as possible. Getting the company Siemens got me so stabilized and back to the success roads again in this attractive wind market. How do you how do you stabilize that company immediately. Do you pull out of do you pull out of the onshore wind. You just pull out of that. What is that what I was saying when I was. No. First of all you know that they seem an economy that has a new CEO who is now developing a plan really on what to tackle first. A lot of the things what you're seeing is operational issues along the supply chain and logistics. It's not surprising in the current market. And these are things where I think we also can contribute help a lot to the Siemens colleagues to help in this regard. That is something which is not only focused around the onshore market. So at the moment looking on the onshore market as the biggest wind market and also as a base for a good service business it is not an intention to change that. I think the setup makes sense for me. We will look further and further to this. But obviously at the moment the key element for me is stabilizing the supply chain. Is this a conviction by or desperate move. No. I mean at the end. I mean if you look on the electricity market or energy market. I mean there so many things which are changing but there are certain things we're absolutely sure. Electricity. We're gonna grow stable over the next decades to come. Renewables will play a more more decisive role. All the growth is going to be covered by renewables potentially depending on the scenario it will grow even faster. So the MIT some picture on wind and renewables in general is perfect. It's a very very good in the current environment. Yes they are our operational and financial challenges. And for me the key thing is resolve these as fast as possible. And we believe the transaction can help to do this and achieve this as fast as possible. But what if you were a majority you were and are a majority shareholder. What more are you going to be able to do as full owner. Is it going to be a much more aggressive turnaround plan that you couldn't affect as a majority shareholder. Well you know at the moment it's everything is about speech rights and at the moment do we act as a majority shareholder through the bolt rights say. Obviously there are certain elements as a majority shareholder which we can influence. It is size some time consuming processes. And obviously yes it gives us all the opportunity if we fully integrate the company to really make sure that on the supply chain on the logistics on the transparency also revolting we really harmonize the processes between the rest of the business at Siemens Energy and Siemens Commerce so we can leverage our much much bigger buying power in the market. And also on the financial side in terms of really also presenting the company the cash fooling and everything is elements you can leverage. So I think there's a lot of things which can make the process simply more effective. It's not that you couldn't do certain things as a majority shareholder but as I said the effectiveness and the speed of the measures is much easier in a fully integrated case. And the rest the market will ask itself is this as if had several profit warnings. You've had suspension of guidance. The risk to the market is that you take full ownership of this ailing company which has problems a multitude of problems from cash flow to inflation issues. And it's gonna be a drag on Siemens Energy's results. Can you assure the market. But that is not going to be the case. Yeah I mean first of all obviously we have seen that also our share prices really following also the same as companies that share price and oil isn't always sets. I want to make sure that we are buying into an opportunity once we do this step. We have free view at this cash. We obviously know the company substantially well and much better obviously than you if you would not be an owner. And in this regard we decided that we clearly can recommend our shareholders this transaction. This is why we went forward now. And I'm confident that the two companies together form an absolutely strong leader in the energy industry which is really needed to drive that transformation of energy. Just how critical a moment is the energy market in Europe. Christian we deal with daily news flow on Germany to cut off Russian oil. Russia strangling supply into Europe. It's a daily it's a daily information road isn't it. How critical a point are we in the European energy complex. What we see I think an unseen change in the European markets certain assumptions what we had like for example access to cheap gas in Germany is going away and we have to replan the whole system. So I think we have still not fully embrace the open society. The amount of change which is going to come which means there will be massive investment into the infrastructure which means electrical grids. We have to speed up the renewables. We have to build all the LNG import into Europe and in Germany particular. So that is a substantial change which is going to come. I think we always have to recognize. I mean this is more or less just three months down the road since the war in Ukraine started. And obviously we now have to cut this big problem into pieces to understand what needs to be done. But for definite things that change what we're going to see in Europe in terms of energy infrastructure will be substantial. And this will also come with a need for significant investment into the energy infrastructure.

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Siemens Energy CEO on Gamesa Takeover

Siemens Energy will offer $4.3 billion to fully takeover Siemens Gamesa Renewable Energy. The long-awaited move is an attempt to turn around the troubled Spanish wind-turbine maker. Siemens Energy CEO Christian Bruch speaks with Manus Cranny on "Bloomberg Daybreak: Middle East" about the deal. (Source: Bloomberg)

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