Siemens CEO confirms delays with Gamesa deal

Fri Apr 8, 2016 9:30am EDT
 
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DUESSELDORF, Germany, April 8 (Reuters) - Siemens Chief Executive Joe Kaeser confirmed a delay in the planned merger of its wind power business with Spain's Gamesa, declining to comment on the reason.

"The media reports are correct," he said at a discussion event hosted by the Rheinische Post newspaper on Friday. He did not elaborate.

Gamesa said in January it was in talks with German industrial group Siemens to create a world-leading wind power company that would have roughly 10 billion euros ($11 billion) in sales.

But sources have told Reuters that the deal has been held up by complications relating to Gamesa's joint venture with French energy group Areva.

Kaeser declined to comment on whether Siemens was interested in buying the network power unit of Emerson Electric, as sources have said it is.

He added that Siemens had no interest in merging its rail business with that of Canada's Bombardier. "We are the most modern provider in the world. I don't know why we would want to slow ourselves down with other players."

($1 = 0.8783 euros) (Reporting by Matthias Inverardi; Writing by Georgina Prodhan; Editing by Maria Sheahan)