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(Bloomberg) — Siemens Energy AG is planning an offer for the shares of Siemens Gamesa Renewable Energy SA it does not yet own, a long-specified step in its efforts to turn over the Spanish wind turbine maker, people familiar with the matter said.

Siemens Energy is preparing to make a cash offer in the coming week with a view to delisting the company, people said, asking not to be identified because the information is private. It already owns 67% of Siemens Gamesa, which currently has a market value of 9.6 billion euros ($10.1 billion), according to data collected by Bloomberg.

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There has been speculation for months about a full-scale takeover as project delays and cost overruns at Siemens Gamesa mount, leading to several profit warnings and a suspension of guidance. The issues have raised the prospect that Siemens Energy could tighten its grip on the device to address the issues.

Each bid is likely to contain only a small premium, the people said. The average analyst price for Siemens Gamesa is slightly above 18 euros per share, according to Bloomberg data.

Shares of Siemens Gamesa are down 33% this year, even after a sudden surge in late Tuesday trading.

No final decisions on price or timing have been made, and the company may still choose not to make an offer, the people said. A Siemens Energy representative declined to comment, while Siemens Gamesa could not be reached immediately outside of regular business hours.

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Siemens Energy slides amid mounting losses at wind turbine unit

Restructuring veteran Jochen Eickholt became the new CEO of Siemens Gamesa in March, replacing Andreas Nauen, who had been employed for less than two years.

Turbine manufacturers face rising costs for energy, steel and copper, as well as supply chain disruptions that are depressing profits. At the heart of Siemens Gamesa’s problems lies in its onshore division, where the company has struggled to scale up its new turbine model, dubbed the 5.X platform.

Earlier this month, Siemens Gamesa reported another quarterly loss and said it is keeping an eye on its full-year outlook. The net loss rose to EUR 377 million in the second fiscal quarter.

Siemens AG, the European industrial giant, still has a significant stake in Siemens Energy after it launched the unit in 2020.

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