March 13 (Renewables Now) - The European Commission (EC) today gave the green light to Siemens (ETR:SIE) for its pending acquisition of Spanish wind turbine maker Gamesa (BME:GAM), without asking for remedies.
The regulator said in a statement that the planned transaction is unlikely to appreciably change the competitive situation in the offshore wind turbine market, which was the main concern. When it comes to the onshore wind segment, the EC said that several large competitors will remain there even after the combination.
The transaction was notified to the commission on February 6, 2017.
Gamesa agreed to absorb Siemens Wind Power in exchange for newly-issued Gamesa shares in June 2016. This pending transaction will result in Siemens holding a 59% stake in Gamesa and consolidating the company in its financial statements. Iberdrola SA (BME:IBE), currently the largest investor in Gamesa, will in turn own an 8% interest.
The merger will create a company with close to 70 GW of installed wind capacity worldwide. It was approved by the shareholders of Gamesa in late October 2016.