1 Min Read
BRUSSELS (Reuters) - German engineering company Siemens (SIEGn.DE) and Spain's Gamesa GAM.MC have won unconditional antitrust approval from the European Union to create the world's biggest maker of wind turbines, the EU's competition regulator said on Monday.
The deal, which combines the German company's strength in offshore windpower and Gamesa's strong presence in emerging markets, comes amid a wave of consolidation in the wind industry as companies try to cut costs and stay competitive.
"The Commission found that the transaction raises no competition concerns because a number of credible competitors would remain in the market," said the European Commission, which oversees competition in the EU.
The new group will have a market capitalization of about 10 billion euros ($10.7 billion)m according to analysts.
Reuters reported on March 2 that the deal would be approved unconditionally.
Reporting by Robert-Jan Bartunek; editing by David Clarke