Monday, February 11, 2008

E.ON is considering making a counterbid for Iberdrola, the Spanish owner of ScottishPower

“They are looking at it very carefully,” said one source, who added that E.ON board members including chief executive Wulf Bernotat continue to view Spain as a key strategic priority after it was thwarted in an earlier effort to buy Endesa, another Spanish group.

E.ON could consider buying a stake in Iberdrola on its own or might seek the help of a joint bidder, probably a Spanish company such as ACS, to smooth the way for a deal, allowing it to buy certain assets but not others. Such a strategy might also allow the group to avoid political opposition within Spain as well as from competition authorities.

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