Madrid .- Siemens AG, the largest engineering company in Europe, will pay about US $ 1.000 billion in cash to the Spanish Gamesa Technology Corp. SA, under an agreement to merge their businesses wind power, have said sources familiar with the situation.
Gamesa will receive the funds in the form of special dividend of the new wind power company and a share of 41 percent in business while Siemens will have a participation of 59 percent, according to the sources, who asked not to be identified because the negotiations are private.
the price of Gamesa on Friday was suspended after the company announced in a report to regulatory having authorization for a possible merger of its wind power business with Siemens, but still have to agree on the final terms of the agreement. The action of Siemens rose 1.4 percent to 92.19 euros at 9:07 am, local time in Frankfurt.
An agreement would end negotiations that have lasted months. Gamesa, based in Zamudio, Spain, announced on January 29 that it was negotiating a possible merger of its operations with Siemens, a move that would create the largest manufacturer of wind turbines in the world. The new company would have a market capitalization of 11.000 billion dollars, according to sources.
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