Another Spanish firm makes bid for British firm

10th November 2006, Comments 0 comments

10 November 2006, MADRID — Spain's second-largest electricity company, Iberdrola, confirmed it is considering making a takeover bid for British energy firm Scottish Power.

10 November 2006

MADRID — Spain's second-largest electricity company, Iberdrola, confirmed it is considering making a takeover bid for British energy firm Scottish Power.

But Iberdrola did not say if it had already contacted Scottish Power about the move, as was reported in the Spanish press. 

Scottish Power said it had received a bid from an unnamed company.

The Spanish energy company was said to have bid GBP 12 billion.

Last year, Scottish Power rejected a bid approach of GBP 5.70 a share from German utility E.ON.

Spanish companies have been snapping up UK firms over the past year.

Ferrovial bought airports operator BAA in June, while mobile phone firm O2 was taken over by Telefonica, and Abbey was snapped up by Santander.

Scottish Power supplies energy to 5.2 million UK customers.

It has a presence in Britain, the US and western Canada, and is Britain's biggest generator and developer of wind energy.

[Copyright EFE with Expatica]

Subject: Spanish news

0 Comments To This Article