Exclusive Spanish Turbine Maker Gamesa Shares Surge on Report of Siemens Interest

Spanish wind-turbine maker Gamesa saw its shares jump more than 20 percent Friday following reports that German conglomerate Siemens is considering a takeover bid. In a statement released Friday evening, Gamesa confirmed there were talks with Siemens but that no deal had emerged to date. Siemens, headquartered in Munich, declined to comment when contacted by Handelsblatt. Spanish news site El Confidencial, citing people familiar with the matter, reported earlier Friday that Siemens is studying a bid for Gamesa, has hired Deutsche Bank to look into a purchase and has held talks with Gamesa shareholder Iberdola. Gamesa shares rose more than 20 percent to €17.42 by 2.40 pm local time, giving the Spanish firm a market value of more than €4.6 billion, or $5 billion. Siemens stock was up 0.3 percent to €86.77 after having touched an intra-day high of €87.60.