GE cleared to buy Denmark turbine blade maker LM Wind Power
EU regulators approved the deal unconditionally, saying the company would continue to face "effective competition" in Europe
BRUSSELS—The European Union has cleared General Electric’s planned US$1.65 billion acquisition of LM Wind Power, a Denmark-based manufacturer of rotor blades for wind turbines.
The EU’s executive Commission said March 20 that the takeover was approved unconditionally because the combined company “would continue to face effective competition in Europe.”
It said that GE has a relatively small market share in onshore and offshore wind turbines and that LM, although it has a significant market share, has seen its market position decline over recent years.
The planned acquisition was announced in October.
The EU green-light follows a similar decision last week, when the EU’s executive Commission cleared Siemens’ acquisition of Spain-based wind turbine maker Gamesa.