Siemens willing to buy Areva JV in Gamesa deal - paper - Reuters News
22-MAR-2016 10:40:21
MUNICH/PARIS, March 22 (Reuters) - German industrial group Siemens SIEGn.DE is prepared to buy Spanish-French wind power joint venture Adwen as part of the planned merger of its wind assets with those of Spain's Gamesa GAM.MC, Germany's Sueddeutsche Zeitung reported on Tuesday.
Citing sources close to the negotiations, the newspaper said Siemens Chief Executive Joe Kaeser was now ready to buy French state-owned energy firm Areva's AREVA.PA stake in the venture as part of the cost of doing the deal.
Siemens declined to comment on the report.
Siemens and Gamesa plan to combine their wind assets to form the world's biggest wind farm manufacturer with approximately 10 billion euros ($11 billion) in annual sales, overtaking current market leader Vestas VWS.CO of Denmark.
But the deal has stumbled over the Adwen venture.
Two sources told Reuters last week that Siemens did not want to fulfill certain elements of contracts won by Adwen, which included an obligation to develop and build a jumbo offshore turbine in France. (Full Story)
Siemens' Chairman Gerhard Cromme is due to meet French Economy Minister Emmanuel Macron in Paris on Tuesday morning, according to Macron's agenda.