EU clears Siemens’ acquisition of wind turbine maker Gamesa
by The Associated Press
The regulatory approval gives the German industrial conglomerate the green-light to merge its turbine manufacturing unit with Gamesa
The German industrial conglomerate plans to merge its turbine business with Spain’s Gamesa. PHOTO: Siemens
BRUSSELS—The European Union has cleared German conglomerate Siemens’ planned acquisition of Spain-based wind turbine maker Gamesa.
The EU’s executive Commission said March 13 that the deal “raises no competition concerns, because a number of credible competitors would remain in the market.” It was cleared unconditionally.
Siemens in June announced plans to take a 59 per cent stake in Gamesa, with current Gamesa shareholders continuing to own the remaining 41 per cent.
It plans to merge its own wind business with Gamesa, and the combined company will have its global headquarters in Spain.
With anti-trust clearance in hand, the the German company expects to close the deal in April.
