Siemens, Gamesa merge to create wind power giant
From DW.com: Spanish renewable energy group Gamesa has agreed combine its wind power business with those of Germany's Siemens in a deal that will create one of the world's largest makers of wind turbines.
In a note to the Spanish stock market regulator on Friday, Gamesa said it had reached the necessary "corporate approval for the potential integration of Siemens' wind business," with the final terms of the deal still needing to be agreed upon. The announcement followed months of negotiations between the two companies and it comes as demand for wind power surges as countries develop more renewable energy to comply with emissions cut targets. Although no price tag has so far been put to the merger, financial news agency Bloomberg reported that Siemens would pay around one billion dollars (890 million euros) to Gamesa as part of the operation. The German engineering group would hold a majority stake of 59 percent of the new wind venture, Bloomberg said, citing people familiar with the matter. Gamesa's biggest shareholder, Spain's biggest power company Iberdrola, would have a 20 percent stake in the new firm, according to Spanish media reports. Cont'd...
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