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.
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.
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)
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.
Mar. 9, 2012, 6:48 AM