By Giulia Petroni

Siemens Gamesa Renewable Energy SA (SGRE.MC)'s shares jumped on Monday after speculations that Siemens AG (SIE.XE) could bolster its holding in the company.

The German engineering conglomerate is considering buying Iberdrola SA (IBE.MC)'s 8% stake in the wind-turbine maker, Bloomberg reported, citing people familiar with the matter. Siemens, which already owns a 59% stake in the company, could pay a premium of about 720 million euros ($793.2 million), bringing its holding to about 67%, according to the news outlet.

At 1523 GMT, Siemens Gamesa's shares were up 9% at EUR14.08.

Siemens previously said it plans to spin off its struggling gas-and-power unit into a new entity that will comprise its stake in Siemens Gamesa.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 25, 2019 11:15 ET (16:15 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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