Siemens has announced that it plans to merge with Spain's Gamesa to create the world's biggest builder of wind farms. The German firm will pay one billion euros (£790 million) for a 59% stake in the new entity, which will operate globally in locations such as North American, Europe, India, Mexico and Brazil. Executive chairman of Gamesa Ignacio Martin said: "We are embarking on a new era, creating, alongside Siemens, a world-leading wind player. We will continue to work as before, albeit as part of a stronger company and with an enhanced ability to offer all of our customers end-to-end solutions."