Iberdrola Resists Talk Of Takeover

Spanish energy company Iberdrola has spoken out over reports of a break-up bid by construction firm ACS and energy utility EDF, writes Reuters.

Shares in the company jumped as much as eight percent yesterday after the The Financial Times reported that EDF planned to take Iberdrola's Scottish Power unit and some Spanish assets while ACS would get its renewable energy arm and merge it into power group Union Fenosa, in which it has a 45 percent stake.

ACS has denied reaching any agreements with EDF, which has not commented on the reports.

"If the price is very attractive, we'll see what we have to say," says Iberdrola Chariman Ignacio Sanchez Galan.

"If not we'll find somebody who can make one or we'll do things so the value of the company is maximised."

Any offer would need government backing from Spain and France, which owns 85 percent of EDF.

By staff writer