(MENAFN- AFP) Shareholders of Spanish renewable energy group Gamesa on Tuesday approved a merger with the wind power division of German engineering giant Siemens.
This tie-up "will create one of the world's main companies in the sector," with a turnover of around 10 billion euros ($10.9 billion), said Gamesa president Ignacio Martin during the special general assembly at its headquarters in Zamudio in northern Spain.
Gamesa will have a 41 percent stake in the merged entity with Siemens holding a majority 59 percent share.
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