Ethiopia and Africa

Gamesa: Although no price tag has so far been put to the merger, financial news agency Bloomberg reported that Siemens would pay around one billion dollars to Gamesa as part of the operation, according to Deutsche Welle. The German engineering group would hold a majority stake of 59 percent of the new wind venture, Bloomberg said, citing people familiar with the matter. The announcement followed months of negotiations between the two companies and it comes as demand for wind power surges as countries develop more renewable energy to comply with emissions cut targets. Gamesa biggest shareholder, Spain biggest power company Iberdrola, would have a 20 percent stake in the new firm, according to Spanish media reports. Gamesa shares were suspended Friday from trading on the Spanish stock exchange. Under the merger plan, Siemens' wind power assets will be absorbed by Gamesa, which would keep its headquarters in Zamudia in Spain northern Basque region and as well as its chairman Ignacio Martin. (news.financializer.com). As reported in the news.