"Today's meeting marks the start of a new era, one that will give Gamesa greater scale, thanks to the merger with Siemens WP, reinforcing it as a global leader in both the onshore and offshore segments,” Gamesa’s executive chairman Ignacio Martín said.After the transaction was ratified by 99.75% of Gamesa shareholder votes, the Spanish securities market regulator CNMV now needs to confirm Siemens’s exemption from having to launch a public takeover bid, while EU anti-trust authorities also need to grant their approval.By virtue of the transaction, Gamesa will absorb Siemens's wind power assets in exchange for newly-issued shares in Gamesa. The German conglomerate will own 59% of the new company, while current Gamesa shareholder Iberdrola will retain an 8% interest.Martín also stressed the highly complementary nature of the merger in terms of its geographic footprints and product portfolios. Siemens Windpower is strong in developed wind markets such as the US, but also in offshore wind, while Gamesa has strong footholds in emerging markets such as India or Brazil.The enlarged company would have a global capacity of close to 70GW, an order book valued at €21bn ($22.92bn), revenue of about €10bn, as well as adjusted earnings before interest and taxes of €915m, Martín added." This transaction makes clear and compelling strategic sense in an attractive industry in which size is a
Gamesa shareholders approve merger with Siemens Wind
Gamesa shareholders at an extraordinary general meeting in Zamudio, Spain, yesterday approved the merger of the Spanish OEM with its German peer Siemens Wind Power.