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the title of Gamesa. Through the Association of minority shareholders of listed companies
(AEMEC), the supervisor will be asked to suspend the exemption granted to the German
and forcing him to launch a takeover bid for all shareholders.
The objective of the action will focus on the Commission, in its duty to ensure the rights of
minority shareholders in listed large mass determination if you have used the fusion
mechanism supported in an industrial plan of deceit to prevent a proc that public offering -
and save some millions.
The merger agreement was a premium from 3.75 euros gross per share of Gamesa, which
would be paid via extraordinary dividend. When the merger materialized, Siemens
disbursed 3.59 euros per share to the shareholders of the Basque manufacturer, 1.004
million euros, of which about 200 million went to the coffers of Iberdrola on the basis of his
quota of nearly 20 per cent prior to the operation.
One of the edges which, for the moment, are off the Board for the minority is the role played
by the President of the CNMV, Sebastián Albella, in the merger of Siemens and Gamesa.
Before assuming the Presidency of the supervisor, Albella was managing partner of
Linklaters in Spain. As such, he participated as a consultant in operations such as this
merger or equity of Banco Popular. OPA exemption request came to the CNMV almost at
the same time as Albella in charge and was based on a report from Linklaters in which the
industrial purpose of the merger agreement is well-rehearsed.
When the controller had to analyze the German request, Albella chose to be absent from
the meeting and refrain, as mark law from senior members of the Administration to avoid
conflicts of interest. Despite the suspicions generated by the situation, private sector
sources argue that there has been a conflict of interest "concept", more than intentional.
The bad start of the combined revenues of Siemens Gamesa take several quarters in fall.
Also your benefits. This past week, the company has reported losses of 35 million euros in
its first fiscal quarter (October-December). Integration costs and tax reform in the United
States have been the ballast in the last reported quarter, as he said to the National
Commission for the securities market (CNMV) but in their accounts to September the
outcome was not better.
In his first semester as fused lost 135 million and announced a restructuring that includes
4,000 layoffs worldwide until 2020. In Spain, where will be cut more than 400 jobs in that
period, already 244 workers are welcomed to floor plan proposed voluntary. The closure of
the plant in Miranda de Ebro announced in recent days, which will mean 133 more layoffs in
addition to this cut.
In this drift, the deteriorated relationship with Iberdrola has had another effect. The power
just to award contracts for the maintenance of its wind farms in Spain and Portugal and the
big beneficiary has been Vestas. The Danish will be responsible for ensuring the functioning
of almost 2,200 megawatts wind of Iberdrola; Gamesa, almost half, 1265 MW. The Basque
has lost with the latter