Spain's Gamesa takes over rest of wind power unit
Date: 14-Dec-01
Country: SPAIN
The price has been agreed at 65 million euros ($58 million), and SODENA, the regional government's venture capital arm, has until the end of January 30 to decide whether it wants payment in Gamesa shares or in cash.
Earlier this month Gamesa bought back 40 percent of Gamesa Eolica from world wind power leader Vestas for 287 million euros, after their seven-year partnership soured. Analysts said Gamesa's plans to expand in the Danish company's markets caused the rift.
"Gamesa's aim is to concentrate on its wind generator business," a spokesman said yesterday. Gamesa plans to float its aerospace business on the stock market in four or five years time and gradually to sell off the wind parks it now operates so that it can focus on producing generators, he added.