Trading in ACS, Iberdrola shares suspended in Madrid

18th April 2012, Comments 0 comments

Trading in shares in Spanish energy group Iberdrola and its biggest shareholder ACS were suspended on Wednesday after ACS said it would sell a 3.69-percent stake in the power company.

The move was taken "owing to circumstances that could disrupt the normal course of operations in those issues," a statement issued by the Spanish stock market watchdog CNMV said.

Trading was expected to be resumed at 0800 GMT.

ACS, the biggest Spanish public works group, said late on Tuesday that it sought to sell 3.69 percent of the shares in Iberdrola to institutional investors.

ACS owns 19 percent of Iberdrola's capital, according to information on the CNMV website.

At the close of trading on Tuesday, the 3.69 percent holding was worth about 860 million euros ($1.1 billion).

© 2012 AFP

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