Siemens is considering a move to buy Iberdrola’s 8% stake in Siemens Gamesa Renewable Energy, the wind OEM in which the German industrial giant is already the majority shareholder, reports said.

Siemens could look to raise its stake in SGRE to 67% with the acquisition of the Spanish group’s share and may later acquire all the outstanding shares in the turbine-maker to strengthen its control over the business, said financial news agency Bloomberg citing unnamed sources close to the matter.

The German group may pay above the current market value of €720m ($793m) for the stake, added Bloomberg.

Shares in Siemens Gamesa rose by more than 8% on the Madrid stock market following the report, which comes as Siemens prepares to next spin-off its energy-related operations into a new entity called Siemens Energy, which would include the Siemens Gamesa holding.

Iberdrola’s stake in Siemens Gamesa is a legacy of its shareholding in former Spanish OEM Gamesa, which merged with Siemens Wind Power to form SGRE.

The Spanish group’s CEO Ignacio Galan has been quoted in the Spanish media voicing discontent with the way Siemens Gamesa has shaped up since the 2017 merger. “We can’t be content with a company that has lost more than 50% of its value in six months,” he said in late 2017.

Siemens has been contacted by Recharge for comment. Iberdrola said it does not comment on market speculation.