The merger talks between Siemens and Gamesa stumble at Adwen – Investing.com Spain

By Andres Gonzalez and Alexander Hübner

MADRID / FRANKFURT (Reuters) – The merger talks that keep for weeks industrial group Siemens (DE and Gamesa (MC wind to merge their businesses have found an obstacle in Adwen, the joint venture of the Spanish offshore wind has the French Areva (PA :), said three sources with knowledge of the situation on Friday.

the main sticking point now is, according to sources, that the French Government Areva- core shareholder majority has not yet decided whether to sell its share in Adwen or buy the participation of Basque manufacturer (valued at books in 74 million euros) to try to create a French champion in renewable energy.

“Everything else is done, including the agreement with the regulator (CNMV) to avoid having to launch a takeover bid for 100% of Gamesa, “said a source close to Siemens. “But the question remains whether Areva wants to leave the joint venture with Gamesa”.

France, recent host a world summit on climate change, has lagged behind other European countries in the field of offshore wind energy.

in this sense, another source directly involved in the negotiations between Gamesa and Siemens said the indecision of France on Adwen could compromise the wind industry development.

Gamesa and Siemens declined to comment. A spokeswoman for Areva could not comment immediately.

Gamesa shares fell Friday from the opening after publishing Expansion that the merger was delayed by political uncertainty in Spain.

at 1502 hours, shares were down 3.7 percent, but still earn 17 percent since transcended the plans to merge with Siemens wind business over a month ago.

the union of Gamesa and Siemens wind would create a global leader in the field of wind turbines in both terrestrial and marine, beating Denmark’s Vestas (CO :), with a presence in both mature European and North American markets and in fast-growing markets India, Mexico and Brazil.

a wind combined Siemens-Gamesa introduced to the German in the nascent and huge market offshore French, but could also raise competition issues in this particular segment.

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