Siemens AG and Gamesa Corp. Tecnologica SA agreed to combine their wind-turbine manufacturing businesses, creating a company that will dominate the industry and speed up consolidation triggered by competition and price pressures.
Europe’s largest engineering company will own 59 percent of the capital of the new business, Gamesa said in a statement on its website Friday. Gamesa, based in Zamudio, Spain, gets 41 percent and a 1 billion-euro ($1.1 billion) cash payment of 3.75 euros a share from Siemens. That represents 26 percent of Gamesa’s share price on Jan. 28 before the two disclosed their negotiations.
