October 22, 2020

Iberdrola agrees with Siemens its departure from Gamesa – La Provincia


Iberdrolahas reached an agreement with Siemens for thesale of its entire 8.07% stake in Siemens Gamesafor an amount of 1,099,545 million euros, the energy company informed the National Securities Market Commission (CNMV).

Specifically, the agreement represents aequivalent price of 20 euros per share of Siemens Gamesaand the sale will be consummated this Wednesday, the company added. The titles of the wind turbine manufacturer closed today on the Stock Exchange at a price of 15.78 euros, so the agreed price represents a premium of 27% with respect to the current value.

The group chaired by Ignacio Sánchez Galán said that this price is not subject to adjustments in the future and that the impact of this divestment on the consolidated financial statements of the 2020 energy year “will be determined and reported later.”

In this way,Iberdrola and Siemens put an end to the disagreements that have arisen since monthsafter the merger between Gamesa and the Siemens wind division was closed in April 2017 by the German wind turbine manufacturer’s management.

The last of the clashes between both stakeholder groups in Gamesa took place by thecorporate restructuring undertaken by Siemens for the future IPOSiemens Energy, the new company that will group all the energy operations of the German multinational, including its participation in the Spanish wind turbine manufacturer.

This episode ended in court. However, the trial scheduled for January 21, in the Commercial Court number 1 of Bilbao for this lawsuit filed by Iberdrola against the decision of the Siemens Gamesa board not to establish measures that could avoid the conflict of interest situation of the proprietary directors of Siemens, was postponed, at the request of the parties, for a period of 60 days, in search of finding a solution, which has finally been reached.

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