Wind power
Siemens and Gamesa merge
They want to become the world's leading supplier of wind turbines: Siemens and the Spanish energy company Gamesa have now signed agreements on the merger of the Siemens wind business including service with Gamesa.
Siemens will receive newly issued shares in the combined company and will then hold 59% of the shares. The existing shareholders of Gamesa will hold 41%. As part of the merger, Siemens will make a cash payment of €3.75 per share to be distributed to Gamesa shareholders (excluding Siemens) immediately following completion of the merger (less regular dividends paid until completion of the merger). The cash payment corresponds to 26% of Gamesa's unaffected closing share price on January 28, 2016. The combined company is to be headquartered in Spain and remain listed on the Spanish stock exchange. Head offices for the onshore business are planned in Spain and for the offshore business in Germany and Denmark.
The merger will create a leading global supplier of wind turbines with a turnover of around EUR 9.3 billion. The merger still has to be approved by Gamesa shareholders and the antitrust authorities.
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