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Germany: Siemens ready to buy Areva wind venture

By  |  March 22, 2016

Siemens is prepared to buy Spanish-French wind power joint venture Adwen as part of a planned merger of its wind assets with those of Spain’s Gamesa, Germany’s Sueddeutsche Zeitung reported on Tuesday.

Siemens and Gamesa plan to combine their wind assets to form the world’s biggest wind turbine maker with about 10 billion euros (£7.7 billion) in sales, overtaking current market leader Vestas. But the deal has stumbled over how to deal with Adwen, Gamesa’s 50-50 joint venture with French state-owned nuclear group Areva.

Citing sources, the paper said Siemens CEO Joe Kaeser was now ready to buy Areva’s stake in Adwen as part of the Gamesa deal. Siemens declined to comment.

Full content: Reuters

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