Gamesa, Siemens to Combine Wind Turbine Business
June 17 2016 - 4:40AM
Dow Jones News
MADRID—Spain's Gamesa Corporació n Tecnoló gica SA said on
Friday it had agreed in principle to combine its wind turbine
business with that of the German engineering group Siemens AG,
creating the world's biggest builder of wind farms.
Gamesa has given "the necessary corporate approval" for the
merger, the Spanish company said in a statement sent to Spain's
stock market regulator, adding that final terms must still be
worked out.
The regulator then suspended trade in Gamesa shares, which had
closed Thursday at €17.10 ($19.23) after rising 0.8% on the
day.
Gamesa's announcement followed months of negotiations between
the companies, and confirms an earlier report from The Wall Street
Journal on Wednesday.
Write to Carlo Lopez-Perea at carlos.perea@wsj.com
(END) Dow Jones Newswires
June 17, 2016 05:25 ET (09:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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