Siemens: EU gives Gamesa deal go ahead.
(CercleFinance.com) - The European Commission has unconditionally approved the merger of Siemens' wind power business with Spain's Gamesa, the German industrial giant said on Monday.
The Commission found that the transaction raises no competition issues, because a number of credible competitors will remain in the market.
Antitrust approvals have now been obtained in all required jurisdictions, and all the conditions precedent for the merger have been met.
Siemens and Gamesa now expect the merger to close in early April.
The merger, which was approved by Gamesa's shareholders in October, will create a global wind leader with an installed base of 75 GW and revenue of 11 billion euros.
While Siemens will fully consolidate the merged entity in its financial statements, it will remain listed on the Spanish stock exchange.
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