Gamesa Corporacion Tecnologica S.A.OTCPK - Current
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  • Tue, Aug. 30, 2:13 PM
    • Siemens (OTCPK:SIEGY +0.3%) and Gamesa (OTCPK:GCTAF) have rejected a non-binding offer from General Electric (GE +0.3%) for assets belonging to the Adwen wind power joint venture between Gamesa and Areva (OTCPK:ARVCF), Reuters reports.
    • Gamesa is merging with Siemens' wind power division to create the world's biggest builder of wind farms in a €10B ($11 billion) deal, but the Adwen venture has been a sticking point, as Siemens does not need the technology from Areva because it has developed its own offshore wind turbines.
    • If Areva does not find a buyer before a mid-September deadline set when Siemens and Gamesa announced their merger in June, the most likely outcome would be for Gamesa to exercise its purchase option and take over Areva's 50% stake, according to the report.
    | Tue, Aug. 30, 2:13 PM
  • Mon, Aug. 22, 12:58 PM
    • General Electric (GE +0.3%) plans to submit an offer as soon as this Thursday to buy French wind power company Adwen, Reuters reports, citing French magazine La Lettre de l'Expansion.
    • Siemens (OTCPK:SIEGY) has agreed to take over Gamesa's (OTCPK:GCTAF) 50% stake in Adwen as part of its €1B ($1.1B) deal to buy a majority stake in Gamesa, and has made an offer for Areva's (OTCPK:ARVCF) 50% stake in Adwen, but Areva has until mid-September to look for an alternative buyer under the terms of an agreement in connection with the Siemens buyout.
    • The report says GE is preparing to submit its bid on Aug. 24 but offers no further details.
    | Mon, Aug. 22, 12:58 PM | 8 Comments
  • Fri, Jun. 17, 4:21 AM
    • Looking to bolster its weak position in the onshore market, Siemens (OTCPK:SIEGY) has agreed to combine its wind business with that of Gamesa (OTCPK:GCTAY) to create the biggest builder of wind farms.
    • The deal is the latest in a string of mergers in the wind industry. Having weathered years of overcapacity and losses, it is now thriving as demand for carbon-free electricity increases.
    • Previously: Bloomberg: Siemens near deal with Gamesa to combine wind power units (Jun. 16 2016)
    | Fri, Jun. 17, 4:21 AM | 2 Comments
  • Tue, Feb. 9, 11:49 AM
    • Siemens (OTCPK:SIEGY +0.2%) is close to a deal to combine its wind business with Gamesa (OTCPK:GCTAF +7.6%), which would create world's largest wind turbine maker, Bloomberg reports.
    • SIemens is the global leader in wind turbines designed for use offshore, while Gamesa specializes in onshore wind; together, the combined companies would have ~15% of the global wind market, exceeding Vestas Wind's (OTCPK:VWDRY) 10% share and GE’s 11%.
    • Siemens also is holding talks about buying Iberdrola’s (OTCPK:IBDRY -0.6%) 20% in Gamesa, according to the report.
    | Tue, Feb. 9, 11:49 AM | 1 Comment
  • Mar. 9, 2012, 6:48 AM
    Spain's Gamesa (GCTAF.PK) strikes a deal to sell four wind parks in the U.S. to Canadian group Algonquin Power & Utility for close to $888M. The companies say they plan to pursue additional wind power development opportunities in the U.S. and Canada.
    | Mar. 9, 2012, 6:48 AM