Iberdrola Seeks Protection of Siemens Gamesa's Minority Shareholders
February 23 2018 - 3:39AM
Dow Jones News
By Alberto Delclaux
Siemens Gamesa Renewable Energy SA (SGRE.MC) shareholder
Iberdrola SA (IBE.MC) is seeking protection for the wind-turbine
manufacturer's minority shareholders and assurances that its
headquarters remain in Spain.
According to a regulatory filing from Thursday, Iberdrola
requested the introduction of two items in the shareholders'
meeting agenda, which is scheduled for March 23.
Iberdrola proposes to strengthen corporate governance to protect
minority shareholders against what it calls "de facto management
risk" by majority shareholder Siemens AG (SIE.XE), as well as
measures to guarantee previously-agreed commitments to keep Siemens
Gamesa's registered office, its operational headquarters, and the
offices of the onshore wind division in Spain.
Siemens owns a 59% stake in Siemens Gamesa, while Iberdrola owns
8%.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
February 23, 2018 03:24 ET (08:24 GMT)
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