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China's Guidong ends stake sale plan to Iberdrola

Wed Apr 8, 2009 11:51pm EDT

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SHANGHAI, April 9 (Reuters) - China's Guangxi Guidong Electric Power Co (600310.SS) said on Thursday its parent had ended a plan to sell a 29 percent stake in Guidong to Spain's utility Iberdrola, after it failed to get government approval.

Iberdrola (IBE.MC) struck a deal in 2006 with Guidong's parent Hezhou City Electric Power Company, to buy 45.46 million shares in Guidong Power for 218 million yuan ($31.9 million).

Guidong, a regional hydropower generating firm, is located in the southern region of Guangxi. ($1=6.835 Yuan) (Reporting by Rujun Shen, Editing by Jacqueline Wong)



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