Iberdrola SA, Spain's second-biggest power producer, climbed in Madrid trading after its largest investor said it held talks with Electricite de France SA about that French utility's interest in its Spanish rival.
Iberdrola rose as much as 32 cents, or 3.3 percent, to 10.17 euros a share and traded at 10.03 euros at 10:43 a.m. local time.
Actividades de Construccion y Servicios SA, which controls about 12 percent of Bilbao-based Iberdrola, said in a filing yesterday it wanted to create a ``big Spanish power group in which Actividades de Construccion y Servicios can be a protagonist along with the rest of the partners.'' Talks with Electricite de France about the Iberian energy industry were ``normal conversations'' between power operators and didn't lead to any agreements, Spain's biggest builder said.
``Iberdrola now appears to be the target of a future takeover,'' said Alejandro Varela, an analyst at Madrid-based brokerage Renta 4 who recommends buying the stock.
Iberdrola rose as much as 32 cents, or 3.3 percent, to 10.17 euros a share and traded at 10.03 euros at 10:43 a.m. local time.
Actividades de Construccion y Servicios SA, which controls about 12 percent of Bilbao-based Iberdrola, said in a filing yesterday it wanted to create a ``big Spanish power group in which Actividades de Construccion y Servicios can be a protagonist along with the rest of the partners.'' Talks with Electricite de France about the Iberian energy industry were ``normal conversations'' between power operators and didn't lead to any agreements, Spain's biggest builder said.
``Iberdrola now appears to be the target of a future takeover,'' said Alejandro Varela, an analyst at Madrid-based brokerage Renta 4 who recommends buying the stock.
Since newspaper Cinco Dias first reported Electricite de France 's interest on Jan. 24, the utility's shares have gained 11 percent to boast a market value of about 50 billion euros ($75 billion).Actividades de Construccion y Servicios aims to benefit from its position as the largest shareholder in the country's second and third-biggest power producers to be the kingmaker in an industry that last year attracted bidders from Italy, Germany and Spain to buy the nation's largest power producer, Endesa SA.
Source: Bloomberg | by Kristian Rix
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