EU clears Siemens' acquisition of wind turbine maker Gamesa

AP News
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Posted: Mar 13, 2017 8:50 AM

BRUSSELS (AP) — The European Union has cleared German conglomerate Siemens' planned acquisition of Spain-based wind turbine maker Gamesa.

The EU's executive Commission said Monday that the deal "raises no competition concerns, because a number of credible competitors would remain in the market." It was cleared unconditionally.

Siemens in June announced plans to take a 59 percent stake in Gamesa, with current Gamesa shareholders continuing to own the remaining 41 percent.

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It plans to merge its own wind business with Gamesa, and the combined company will have its global headquarters in Spain.