Spain: Siemens-GAMESA windpower giant kicks off

Spanish energy company GAMESA and Germany’s SIemen’s Windpower will begin activities on the world’s second-largest wind turbine manufacturing outfit. GAMESA”s board is expected to meet on March 29 to formalize the alliance between the companies, having received all the necessary regulatory approval.

During the meeting the board is expected to approve an increase in GAMESA’s capital holdings, allowing Siemens Windpower to contribute. The meeting will also see confirmation of Rosa García, current CEO of Siemens España, as the non-executive President of the new wind turbine maker.

Spanish stock market regulator CNMV approved the Gamesa-Siemens merger without requesting an POA, partly due to favorable reports from Boston Consulting and legal advice from advisors at Linklaters, who ratified the industrial soundness of the move. Siemens will receive new stock from the company, representing 69% of its social capital, with GAMESA’s current stockholders keeping the remaining 41%.

Full Content: El Economista

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