Shareholders of Spanish renewable energy group Gamesa on Tuesday approved a merger with the wind power division of German engineering giant Siemens.

This tie-up "will create one of the world's main companies in the sector," with a turnover of around 10 billion euros ($10.9 billion), said Gamesa president Ignacio Martin during the special general assembly at its headquarters in Zamudio in northern Spain.

Gamesa will have a 41 percent stake in the merged entity with Siemens holding a majority 59 percent share.