Spanish aerospace and energy consortium Gamesa Corporación Tecnológica has entered exclusive negotiations over the sale of its aerospace unit Gamesa Aeronáutica with Spanish savings bank Caja de Ahorros de Castilla La Mancha (CCM).

Former Gamesa chief executive Iñaki López Gandasegui has been working with CCM to formulate a joint bid for the aerospace unit, which develops and manufactures aircraft sections, parts and components, as part of a consortium including other companies.

This bid appears to be drawing close to finalisation, Gamesa having notified Spanish stock market regulator CNMV that it has signed an exclusivity agreement with CCM, which remains in effect until 26 April.

Gamesa administrative counsel secretary general Luis Alberto Martín Zurimendi says: “Gamesa has granted exclusivity, until 26 April 2006, to CCM, to finalise the conditions of sale for Gamesa Aeronáutica.

“At the moment a pre-agreement is in place covering the general terms of the sale, but it is subject to confirmation of some points before the agreement can be finalised.”

Gamesa has been seeking to divest of the unit, which it values at around €60 million ($73 million), for some time. It says that any earnings from the sale will be posted as an exceptional item in its 2005 accounts and will not have any impact on its 2006 financials.

In 2005 Gamesa posted an overall net profit of €182 million, a 10% increase over the previous year. Revenue rose by 34% to €1.77 billion, while net debt reached just under €1.4 billion, of which €311 million related to Gamesa Aeronáutica.

Source: Flight International