On Thursday, Iberdrola took another step in its open battle with the German multinational Siemens for the management of the renewable energy company Siemens Gamesa, formally asking shareholders to strengthen corporate governance “against the risk of management” of the German group.
In a relevant event sent late Thursday night, Iberdrola also asked to include in the agenda of the meeting “commitments” and measures to “ensure” that its headquarters and the company’s registered office will remain in Spain.
Like any shareholder that has more than 3 percent of the capital, Iberdrola can include addenda to the board for voting. The Spanish energy group is present in the board of directors of Siemens Gamesa for its 8 percent stake in the capital.
The battle between the two companies over the management of Siemens Gamesa surfaced in October last year, when Iberdrola requested changes in the renewables company from its German partner after two forecast cuts hit hard on the stock market.
Siemens Gamesa is the result of the merger between the renewable business of Siemens and Gamesa, of which Iberdrola was the main shareholder. This merger was made requesting the CNMV exemption at the time of launching a bid to make industrial sense.
Siemens has the majority of the capital (59%) but maintains a shareholders’ agreement with Iberdrola for the management of the company.