ACS looks to sell Fenosa stake to build up Iberdrola holding - report |
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Published
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Tue, 06 Feb 2007 09:51
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MADRID (AFX) - Actividades de Construccion y Servicios SA has abandoned the idea of a merger between its Union Fenosa SA and Iberdrola SA affiliates, preferring to sell out in Fenosa and build up its stake in the Basque utility, website Hispanidad reported, without citing a source.Iberdrola is currently in the throes of a takeover of Scottish Power PLC.When ACS first acquired 10 pct of Iberdrola, speculation was rife that the final objective was a tie-up between the utility and peer Fenosa, in which ACS holds 42 pct.But the builder is still awaiting energy watchdog CNE's decision on whether to maintain the limit on ACS' voting rights in Iberdrola, which are currently capped at 3.0 pct.It has representation on Fenosa's board.Current Spanish legislation prevents stakeholders in two companies in the energy sector from exercising more than 3 pct of voting rights in either one of them.According to Hispanidad, ACS chairman Florentino Perez is convinced that the CNE will vote against increasing voting rights in Iberdrola as long as the builder maintains its stake in Fenosa.As to possible interested buyers for Fenosa, the website slated ENEL SpA as a likely candidate.It said Fenosa's core Galician shareholders are unlikely to have enough funds for the operation.afxmadrid@afxnews.comjdy/gpCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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CNE warns ACS moves to influence mgt at Iberdrola, Union Fenosa illegal - report 