Iberdrola Talks To Boost Stake In Brazilian Firm At 'Advanced Stage'
January 24 2012 - 6:32AM
Dow Jones News
Talks between Spain's Iberdrola SA (IBE.MC) and other
shareholders of Neoenergia SA (GNAN3.BR) about accumulating a
majority stake in the Brazilian utility are at an advanced stage, a
spokesman for the Spanish power company said.
Iberdrola currently has a 39% stake in Neoenergia and has been
in talks with other shareholders about buying some of their
interests for months, the spokesman said.
On Tuesday, Bloomberg News reported that Iberdrola had offered
about EUR1.5 billion to boost its Neoenergia stake to 75%, citing
people close to the matter. A spokesman for Iberdrola told Dow
Jones Newswires he couldn't confirm the figures.
-By Ilan Brat, Dow Jones Newswires; +34913958125;
ilan.brat@wsj.com