Siemens to buy Iberdrola's stake in Siemens Gamesa for 1.1 billion euros
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MUNICH (Reuters) - Siemens is buying Iberdrola's stake in Siemens Gamesa renewable energy , the German engineering company said, as it prepares to merge the business with its own energy unit ahead of a floatation later this year.Siemens on Tuesday approved the purchase of the Spanish utility's 8.1% stake in SGRE, at a price of 20 euros ($22.08) per share.Siemens will pay 1.1 billion euros and will transfer the shares to its future Siemens Energy unit, combining it with its gas and power..