Siemens, Gamesa may form world’s largest wind turbine company; National Bank of Abu Dhabi, First Gulf Bank exploring merger; BP, Rosneft create JV to drill in Russia
It was M&A all day over the weekend: Siemens and Gamesa Corp. Tecnologica are looking into a merger that would create the world’s largest wind turbine manufacturing business, Bloomberg reported on Friday. Siemens is set to own 59% of the capital while Spanish Gamesa will get 41% and a EUR 1 bn cash payment of EUR 3.75 a share from Siemens. Together they would have about 69 GW of turbines worldwide.
Closer to home: National Bank of Abu Dhabi and First Gulf Bank are also exploring a potential merger, which would form the largest lender in the Middle East, according to sources with knowledge of the matter, Bloomberg reported on Thursday
BP and Rosneft also signed a deal on Friday to create an oil exploration joint venture, Yermak Neftegaz, in Russia where BP plans to invest up to USD 300 mn, according to a company statement. Rosneft will have a 51% stake and BP 49%, with exploration set to begin next winter. Rosneft will contribute licences and production facilities while the Russian company’s subsidiaries will drill first wells at its deposits in West and East Siberia.