German engineering company Siemens and Spain’s Gamesa are set to win unconditional EU antitrust approval to create the world’s biggest wind turbine maker, two people familiar with the matter said on Thursday.
The companies announced the deal last June, part of a recent wave of consolidation in the wind energy industry as companies seek to rein in costs and remain competitive.
The merged company, with a market capitalisation of around 10 billion euros ($10.5 billion), will combine Siemens’ strength in offshore windpower and Gamesa’s strong presence in fast-growing markets such as India, Mexico and Brazil.
It will leapfrog current world No. 1, Denmark’s Vesta in market share. Other players in the sector include General Electric, Germany’s Enercon and Nordex, and a host of Chinese companies.
There had been market speculation that the European Commission might demand concessions but the companies were able to convince the regulator that the deal would not hurt competition, one of the sources said.
Full Content: Reuters
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