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Gamesa shareholders approve merger with Siemens

Published 26 October 2016

Shareholders of Spanish renewable energy firm Gamesa have approved a merger with the wind power division of German engineering company Siemens.

Gamesa shareholders representing 99.75% of its share capital ratified the resolutions required to close the merger with Siemens Wind Power.

The Spansih firm will have a 41% stake in the merged entity with Siemens holding a majority 59% share.

The merger deal was announced back in June this year. Gamesa executive chairman Ignacio Martín noted that the merger will create a leading player in the wind industry.

He said: "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.

The new group is expected to have a turnover of about €10bn, with an order book worth €21bn and a capacity of 70GW.

Gamesa’s shareholders also gave a nod for the distribution of cash dividend of €3.591 per share after the merger is formally completed. The dividend represents 26% of Gamesa’s share value as on January ending this year.

Martin noted that the merger opens up new opportunities in the wind industry. By combining two businesses, greater geographic reach as well as broadening product portfolio and services could be achieved.

The merger agreement now needs approval from the concerned authorities including Spanish securities market regulator comisión nacional del mercado de valores (CNMV) and the European Commission.


Image: Gamesa held an Extraordinary General Meeting in Zamudio (Vizcaya). Photo: Courtesy of Gamesa.