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Spanish group ACS says it has 10 pct of Iberdrola
AFP
MADRID
Petroleumworld.com 09 29 06
Spanish construction and services group ACS said Thursday it has upped its stake in energy group Iberdrola from 6.31 percent to 10 percent.
"The ACS group has increased its participation in Iberdrola to 10 percent of the share capital of the company, at a price of slightly less than 37 euros (47 dollars), which would involve a total investment of 3.33 billion euros," it said in a statement.
ACS said on Wednesday that it had bought 6.31 percent of Iberdrola for 2.1 billion euros, or 37 euros per share, but did not reveal whether it had merger plans.
ACS is the biggest shareholder in Union Fenosa, which is rumoured to be preparing a marriage with Iberdrola to create a giant new Spanish electricity producer.
Late on Tuesday, German energy group E.ON increased sharply the value of a hostile takeover bid for Endesa to 37.0 billion euros (47.3 billion dollars) from 29.1 billion euros. Earlier in the day European Union authorities had found against Spanish authorities for obstructing the bid by E.ON.
The bid by E.ON is in competition with an offer for Endesa of 22.5 billion euros from Spanish group Gas Natural.
Late on Monday, another construction and services group Acciona said it had acquired 10 percent of Endesa.
AFP 28 2228 GMT 09 06
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