Energy – Siemens and Gamesa build world’s largest wind power group – Süddeutsche.de

• The Spanish wind power company Gamesa and the wind power division of Siemens join forces. The result is the world’s largest wind turbine manufacturer.
• The new company will own worldwide turbines with a capacity of about 69 gigawatts by the merger.
• Gamesa for fusion approximately one billion euros obtained from Siemens, the German company it holds 59 percent of the new company.

From Christoph Giesen and Leo Klimm , Munich / Paris

Actually, the shop should be signed in February, all contracts were ready to be signed. The first investment banker to the cause were so sure that the deal transpired. But then nothing happened. Now, four months, it’s time. Siemens and the Spanish competitor Gamesa is an agreement succeeded in providing to unite the wind power business of both companies. Here, a listed on the Spanish Stock Exchange Wind Energy Group is formed with an annual turnover of about ten billion euros, in which Siemens will hold the majority

Gamesa is strong in the so-called onshore business. The Spaniards attend a lush fleet windmills installed in fields, open spaces or on beaches. Just so is the money earned. Problems has Gamesa however, the conclusion of new contracts since the turbines of the company are no longer technically up to date.

Siemens, however, has neglected onshore business a long time. Meanwhile, the Munich-based company has drawn level. What he, however, is missing are plants in the field, which are waiting to lucrative fees from Siemens technicians. The main reason is the profit margin of Gamesa is higher than that of Siemens, which is only four percent. Besides onshore technology, Siemens will also be offshore wind business, ie the open sea, to the joint enterprise. In this segment, the German company is the market leader.

the merger makes sense for both sides. Siemens can increase the profitability of their own wind power division significantly. Gamesa receives technical support. Basically a logical deal – if there was not this a problem

Supposed formality was the agreement in the way

A persistent obstacle to closing the deal was in recent months, neither in Munich. still in Bilbao, the seat of Gamesa – but in Paris. Because the Spaniards introduced their offshore business two years ago in a joint venture called Adwen that they operate with the French nuclear group Areva. This joint venture should be resolved in a timely manner in accordance with the agreements of February -. Finally, the new company would otherwise homemade competition

Actually, a formality, it was thought at the time at Siemens. But the Gamesa major shareholder Iberdrola refused to sign. The reason: Should it fail to find a solution for Adwen the entire Siemens Gamesa deal could have been reversed. So had to be negotiated with the Gamesa partner Areva. And Areva is more than 85 percent in the hands of the French state – which the government in Paris actually gave a veto

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