Abengoa vote brings state bail-out into focus

摘要

After a year-long battle for control of the company, Abengoa's shareholders voted on 16 November to approve the company's disputed 2019 accounts and to launch legal action against former directors accused of having worked for creditor banks against Abengoa's interests. Reluctant shareholders were persuaded by Abengoa's president, Clemente Fernandez, that approval of the accounts is essential in order to facilitate approval of the €249 million in state aid plus €300 million in loan guarantees being sought to right-size the struggling group. Approval would also prevent Abengoa's expulsion from existing projects, enable it to bid for new business, and make the company more attractive to potential investors, the Abengoashares platform - represented by Fernandez - advised shareholders.