General Electric’s $1.65bn purchase of Denmark’s LM Wind Power was unconditionally approved Monday by Brussels.
After an initial investigation, the antitrust watchdog concluded the deal would not significantly reduce competition in Europe in neither the upstream market for blades for wind turbines nor the downstream market for the offshore and onshore wind turbines.
LM Wind is one of the biggest producers of wind turbine blades in the world and supplies GE along with rivals Goldwin of China and Spanish Gamesa – whose merger with Siemens was approved by Brussels one week earlier.
The commission concluded that “competing blade manufacturers would continue to have access to wind turbine manufacturers other than GE (after the GE LM Wind deal).”
In considering the market for wind turbines, it said “GE would continue to face significant competition from other major turbine manufacturers, such as Siemens, (MHI) Vestas, Nordex and Senvion, who either manufacture their blades in-house and/or are not dependent on LM Wind Power for supplies.”