Siemens seeks early EU clearance of Gamesa deal - report

Source: Gamesa. License: All Rights Reserved.

Feb 7 (Renewables Now) - Germany’s Siemens (ETR:SIE) hopes to obtain early antitrust clearance from the European Commission (EC) regarding its pending acquisition of Spanish wind turbine maker Gamesa (BME:GAM), Reuters reports.

Informed people told the news agency on Monday that Siemens is hoping to avoid a lengthy investigation into the deal and targets a phase one decision from the commission. The initial process started on Monday and will end on March 13, Reuters said.

Gamesa agreed to absorb Siemens Wind Power in exchange for newly-issued Gamesa shares in June. 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. The transaction was approved by the shareholders of Gamesa in late October 2016.

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