Iberdrola Seeks Protection of Siemens Gamesa's Minority Shareholders
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%.
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(END) Dow Jones Newswires
February 23, 2018 03:24 ET (08:24 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.