Spain: Siemens pushing to unblock Gamesa purchase

German industrial giant Siemens has said it’s willing to make a bid for Adwen, the joint venture formed by French energy firm Areva and Spanish turbine-maker Gamesa, in an effort to revive the proposed merger with the Basque company. Gamesa’s stock value jumped upon the statement, rising by over 1.5%

Gamesa announced negotiations on a possible merger between their company and Siemen’s wind power unit back in January. However, negotiations quickly stalled after involvement from the French government, Areva’s principal owner. Joe Kaeser, Siemen’s president, has expressed the group’s willingness to buy out Areva’s share in the Arema joint venture in order to allow the Gamesa merger to move ahead.

The merger between Gamesa and Siemens’ wind turbine unit would result in the world’s largest wind turbine manufacturer, representing up to 15% of global production. Gamesa is the largest turbine maker in Spain, with production outpacing multinational giants such as Alstom, General Electric and Siemens itself.

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