Thursday December 4, 04:10 PM
EU clears Iberdrola/Gamesa Energia wind farm deal
BRUSSELS, Dec 4 (Reuters) - Spain's Iberdrola Renovables (Madrid: IBR.MC - news) won permission from EU regulators on Thursday to acquire Gamesa Energia's wind farm business in continental Europe, Britain, Mexico and the Dominican Republic.
Iberdrola Renovables, the renewable electricity arm of Spanish utility Iberdrola (Madrid: IBE.MC - news) , and Gamesa (Madrid: GAM.MC - news) plan to set up a firm to which Gamesa would contribute all its European business -- retaining only activities in the United States and China.
'The horizontal overlap between the parties' activities in the Spanish market for electricity generation and wholesale is limited,' the European Commission, which polices competition in the 27-country European Union, said in a statement.
In the markets for the development and promotion of wind farms, the companies' overlaps are not significant, the Commission said, adding that the deal would not significantly impede effective competition in Europe.
(Reporting by Dale Hudson) Keywords: IBERDROLA GAMESA/EU
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