Released March 20, 2017 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The European Commission (EC) has given its blessing to the proposed merger of Spanish renewable energy major Gamesa Corporation Technology S.A. (Zamudio, Spain) and the wind energy business of Germany's Siemens AG (Munich, Germany).
Antitrust approval has been granted to the proposed union of Siemens Wind Power and Gamesa, which will create the world's leading wind energy company. Both companies expect the deal to be finalised next month and revealed that the combined company will have an installed base of 75 gigawatts (GW), an order book of 20.9 billion ($22.4 billion) and revenues of 11 billion ($11.8 billion). The new company is expected to pull ahead of rivals MHI Vestas Wind Systems A/S (Aarhus, Denmark) and General Electric (GE) (NYSE: GE) (Fairfield, Connecticut) at the top of the global wind turbine marketplace.
The EC stated: "The Commission found that the transaction raises no competition concerns, because a number of credible competitors would remain in the market. The onshore wind turbine market is rather fragmented with several large competitors even after the merger. The offshore wind turbine market is more concentrated with Siemens and MHI Vestas being the main competitors. Gamesa is also active in the market through its subsidiary Adwen. However, as the investigation confirmed that Adwen is not a competitive constraint on Siemens, it is unlikely that the transaction will appreciably change the competitive situation."
"We have reached a milestone in our path to merge Gamesa and Siemens Wind Power and create a leading global wind player," said Lisa Davis, a member of the managing board of Siemens AG.
Ignacio Martín, executive chairman and chief executive officer of Gamesa, added: "We're very pleased to have received unconditional approval from the European Commission. This is an historic moment for both Gamesa and Siemens Wind Power. This approval brings us one step closer to turning our vision of creating a global leader into reality and forming a company with presence in all the important wind markets."
Industrial Info reported on the proposed merger last June when binding agreements were first signed. For additional information, see June 22, 2016, article--Siemens, Gamesa Creating Wind Energy Powerhouse.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
Antitrust approval has been granted to the proposed union of Siemens Wind Power and Gamesa, which will create the world's leading wind energy company. Both companies expect the deal to be finalised next month and revealed that the combined company will have an installed base of 75 gigawatts (GW), an order book of 20.9 billion ($22.4 billion) and revenues of 11 billion ($11.8 billion). The new company is expected to pull ahead of rivals MHI Vestas Wind Systems A/S (Aarhus, Denmark) and General Electric (GE) (NYSE: GE) (Fairfield, Connecticut) at the top of the global wind turbine marketplace.
The EC stated: "The Commission found that the transaction raises no competition concerns, because a number of credible competitors would remain in the market. The onshore wind turbine market is rather fragmented with several large competitors even after the merger. The offshore wind turbine market is more concentrated with Siemens and MHI Vestas being the main competitors. Gamesa is also active in the market through its subsidiary Adwen. However, as the investigation confirmed that Adwen is not a competitive constraint on Siemens, it is unlikely that the transaction will appreciably change the competitive situation."
"We have reached a milestone in our path to merge Gamesa and Siemens Wind Power and create a leading global wind player," said Lisa Davis, a member of the managing board of Siemens AG.
Ignacio Martín, executive chairman and chief executive officer of Gamesa, added: "We're very pleased to have received unconditional approval from the European Commission. This is an historic moment for both Gamesa and Siemens Wind Power. This approval brings us one step closer to turning our vision of creating a global leader into reality and forming a company with presence in all the important wind markets."
Industrial Info reported on the proposed merger last June when binding agreements were first signed. For additional information, see June 22, 2016, article--Siemens, Gamesa Creating Wind Energy Powerhouse.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
