Iberdrola urges court to force EDF to be more transparent
Spain's second-largest power group wants the French company to make public it’s takeover plans of the company.8 April 2008
SPAIN - Iberdrola has asked a commercial court in the northern Spanish city of Bilbao to enforce a ruling obliging Electricté de France to make public its takeover plans of Spain's second-largest power group.
EDF has openly expressed interest in Iberdrola, but the company has rejected such overtures by the French energy giant.
Following a lawsuit by Iberdrola, the Bilbao court ordered EDF to publicly announce in a number of newspapers whether it owned shares in Iberdrola and what its plans were with regards to the electricity company. EDF has appealed the ruling.
Iberdrola is asking the court to give EDF five more days to comply with the ruling. If EDF fails to do so, it has asked the court to summon the French company and impose a monthly fine for a year for non-compliance, which could amount to a maximum of EUR 76 million.
[El Pais / Expatica]