German engineering company Siemens and Spain’s Gamesa have won the unconditional antitrust approval from the European Union to create the world’s biggest maker of wind turbines, the European Commission said on Monday.
The deal combines the German company’s strength in offshore windpower and Gamesa’s strong presence in emerging markets and comes amid a wave of consolidation in the wind industry as companies try to cut costs and stay competitive.
“The Commission found that the transaction raises no competition concerns because a number of credible competitors would remain in the market,” said the EC.
The new group will have a market value of about $10.7 billion according to analysts.
Full Content: Reuters
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