Gamesa Not Talking to Buyers, Has Received No Offers, Chief Says

Gamesa Corporacion Tecnologica SA, Spain’s largest maker of wind turbines, has no plans to sell itself.

The Zamudio-based company hasn’t received any offers since UBS AG analysts named it as a potential buyout target in October and isn’t in discussions with any potential buyers, Chairman and Chief Executive Officer Jorge Calvet said today in an interview.

Iberdrola SA, the Bilbao, Spain-based power developer that is Gamesa’s biggest shareholder and a major customer, has increased its stake in the company to 17 percent, according to a regulatory filing.

Gamesa fell 3 cents, or 0.6 percent, to close at 5.11 euros today in Madrid. The shares have fallen 56 percent this year.