Iberdrola wins the first assault on Siemens in the battle for Gamesa

The Commercial court number 2 of Bilbao has been estimated, in part, the petition filed by Iberdrola against the agreement of matters reserved established in Si

Iberdrola wins the first assault on Siemens in the battle for Gamesa

The Commercial court number 2 of Bilbao has been estimated, in part, the petition filed by Iberdrola against the agreement of matters reserved established in Siemens-Gamesa, a company which is a shareholder, and supersedes the agreement concerning the thresholds for the offshore projects, onshore and services.

The trial took place on the 12th of December after the 10th of July, Iberdrola contested before the court that agreement of matters reserved adopted at the session of the board of directors of Siemens-Gamesa may 3, 2018. Iberdrola understands that this agreement set a economic threshold "very high" for the approval of projects and operations on the part of the board of directors. The electric calling for the annulment of the agreement that limits the projects that need to be passed by the council to be "contrary to law", while the Siemens-Gamesa argued that these thresholds were "reasonable," to prevent the "collapse" of the council.

The Court has decided to annul the above-mentioned agreement, but only in the section called "Subject 1", in particular as regards the thresholds that are set for these projects offshore, onshore and services.

The demand is framed in disputes between Iberdrola and Siemens are maintained in connection with the management of Siemens-Gamesa, a company in which the German company is the largest shareholder, with 59% of its capital, while the one directed by Ignacio Sánchez Galán account with a participation of 8% and is a reference client.

The two companies carry faced since the German multinational decides to transfer all of its energy business, including its 59%, to the society of a new project, Siemens Energy. Your ceo will be Michael Sen, current proprietary director in Gamesa representing Siemens. Iberdrola believes that the restructuring affects the strategic contracts of Gamesa, giving a position of advantage to the German.

In this case, have been elucidated if 500 million for investment in land and 1,000 in the case of offshore wind power are a top reasonable beneath these figures is the ceo who has the ability of resolution. That is to say, the members of the Board of Directors is not aware of these strategic investments until they exceed these amounts.

The chief executive of Siemens-Gamesa, Marcus Tacke, acknowledged at the hearing that has the capacity to take decisions unilaterally and without the council. And, in addition, may perform a set of template of up to 1,150 people without communicating it to the Council, the 5 % of the total workforce, integrated by on 24,550 workers. Iberdrola argued against the view that Vestas, the world leader in wind power, communicates operations from 10 million euros. In the last five years there has only been an investment project of more than 500 million.

Updated Date: 14 January 2020, 19:00

ELPAIS

ELPAIS

You need to login to comment.

Please register or login.

RELATED NEWS