Several private equity firms dropped talks to buy a Siemens Energy AG stake in recent months over concerns about its unpredictable business nature, a decision vindicated by the company’s Thursday profit warning.

Blackstone Inc., KKR & Co. and Clayton Dubilier & Rice each held discussions to acquire a major chunk of Siemens AG’s 32% stake in its listed energy arm, people with knowledge of the matter said.

After conducting due diligence, the potential investors decided to end the negotiations due to worries about business risks around Siemens Energy projects, the people said. They’re unlikely to revive their interest in the near term, according to the people.

Siemens Energy shares fell as much as 37% on Friday, a record intraday drop, after the company scrapped its annual profit guidance and warned it may face over €1 billion ($1.1 billion) in additional costs.

The firm said its Spanish division found worse-than-expected quality flaws in its onshore wind turbines, delaying turnaround efforts. It’s now lost about €6.8 billion of market value in Friday’s trading session.

The buyout firms were also concerned that Siemens Energy shares had risen too much, the people said. Representatives for Blackstone, CD&R, KKR, Siemens and Siemens Energy declined to comment.