Sunday, February 17, 2008

EDF plans to acquire 25 pct stake in Iberdrola after Spain's elections - report

MADRID, Feb. 15, 2008 (Thomson Financial delivered by Newstex) -- EDF plans to acquire a 25 pct stake in Iberdrola SA (OOTC:IBDSF) (OOTC:IBDRY) after Spain's general elections on March 9, El Confidencial reported, citing unnamed sources.

Combining this holding with Actividades de Construccion y Servicios SA's direct and indirect stakes of around 12 pct and other core shareholder's Basque saving bank BBK's about 7 pct, the website said the predators would have enough of a controlling stake to oust Iberdrola chairman Ignacio Sanchez Galan.

BBK has been cited recently as saying that its stake in Ibedrdrola is 'strategic,' and the Basque savings bank has always been considered as a staunch supporter of Galan.

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