July 3, 2020

Iberdrola wins the first legal battle against Siemens for Gamesa


Bilbao

Updated:

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Iberdrola scores the first goal in the legal struggle he has with Siemens for Gamesa. The Commercial Court number 2 of Bilbao has partially estimated the demand of the Basque electricity company, which maintains that the council of Siemens Gamesa granted excessive responsibilities to its CEO, Markus Tacke, through the agreement on reserved matters approved in May 2018. Therefore, it has annulled the agreement regarding the thresholds set for the “offshore”, “onshore” and services projects.

Iberdrola understands that this agreement set “very high” economic thresholds for the approval of projects and operations by the board of directors. The power company requested the nullity of the document that limits the projects that must pass through the council, being «Contrary to the law», while Siemens Gamesa defended that these thresholds were “reasonable” to avoid the “collapse” of the council.

The Court has decided to annul the aforementioned agreement but only in its section called Matter 1, specifically, in relation to the thresholds set for projects «Offshore», «onshore» and services, according to the sentence to which Europa Press has had access.

This lawsuit, on which judgment has now been handed down, is framed in the disagreements that Iberdrola and Siemens maintain in relation to the management of Siemens Gamesa, a company in which the German company is the first shareholder with 59% of its capital, while the one managed by Ignacio Sánchez Galán is a key partner with an 8% stake and as a customer of reference.

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