Shares in Siemens Energy fell to their lowest level in four weeks on Tuesday, hit by a pending potential share issue the company has flagged to help fund its planned takeover of troubled wind division Siemens Gamesa .
"This has been a hard blow for us," CEO Christian Bruch told journalists, referring to the 472 million euro charge Siemens Gamesa unveiled last month due to faulty components that led to higher warranty and service costs.
Shares in Siemens Energy, which has secured 97.59% of Siemens Gamesa shares as of Feb. 6, fell 4% on Germany's blue-chip index. Siemens Energy will ask shareholders at its annual general meeting, also taking place on Tuesday, to allow the issuing of new shares in the future, which sell-side analysts at Deutsche Bank said will likely be used to raise the needed equity for the Siemens Gamesa purchase.
The group's order backlog provided a positive note, hitting a record high 98.8 billion euros as of the end of December, driven by its grid technology division which
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