UPDATE 3-Siemens, Gamesa to form world's largest wind farm business
* Tie-up would create market leader in wind power
* Would boost Siemens' position in onshore market
* Siemens takes 59 pct stake in combined business
* Gamesa shareholders to receive 1 bln euros
* Shares reopen up 5.3 pct (Adds details of merger, share price move)
By Jose Elías Rodríguez
MADRID/FRANKFURT, June 17 (Reuters) - Siemens and Spain's Gamesa agreed on Friday to create the world's biggest builder of windfarms, with the German company paying 1 billion euros ($1.13 billion) for a majority stake in the combined business.
The group would bring together Siemens' strength in offshore wind power and Gamesa's leading role in developing markets.
Months in the making, the venture would overtake Denmark's Vestas to become the world's largest wind farm manufacturer by market share, operating in the mature North American and European markets and fast-growing markets such as India, Mexico and Brazil. Continuación...