When news broke in June 2016 that Siemens would take a majority stake in Spanish turbine-maker Gamesa to form a €9.3bn ($10.5bn) super-OEM, questions were immediately raised by some observers about the claimed “perfect fit” of the biggest merger yet in the wind power industry.

Attention was drawn to the fact that the order backlog of a conjoined Siemens Gamesa would fall well short of market leader Vestas’ — €5.3bn