Key Developments: Iberdrola SA (IBDRY.PK)
21.79USD
23 May 2013
$0.32 (+1.49%)
$21.47
$21.48
$21.79
$21.42
32,644
32,158
$22.49
$12.66
Latest Key Developments (Source: Significant Developments)
Iberdrola SA Plans Euro Benchmark 8-Year Bond-DJ
Dow Jones reported that Iberdrola SA plans a euro-denominated eight-year bond. An initial price indication to investors was in the area of 210 to 220 basis points over the midswap reference rate. Credit Agricole, HSBC, Goldman Sachs, ING, Lloyds and BBVA are lead managers on the deal. Full Article
Iberdrola SA Halts Scottish Power Stake Sale-Reuters
Reuters reported that Iberdrola SA has halted a plan to sell part of its Scottish Power unit, saying it had made better than expected progress in a planned EUR2 billion ($2.7 billion) asset sale programme. Iberdrola had been exploring the sale of a stake in its UK regulated power business, which houses its electricity distribution and high-voltage transmission arms, the Financial Times reported. The Spanish power company could choose to reactivate the plan to sell a stake in the UK regulated power business at a later date if it is deemed necessary. Full Article
Iberdrola SA To Sell French Wind Parks To Consortium of General Electric Co, Munich Re Group AG and Electricite de France SA -Reuters
Reuters reported that Iberdrola SA is selling its French wind park unit to a consortium including General Electric Co for about EUR400 million ($529 million) in its drive to cut debt and keep an investment grade credit rating. Once the deal is completed, General Electric will own 40% of the unit and MEAG, the asset manager of German insurer Munich Re Group AG another 40% . EDF Energies Nouvelles, the renewable unit of Electricite de France SA will own the remaining 20%. The total installed capacity of the French onshore wind farms is 321.4 megawatts. Iberdrola said the deal involved an initial payment of EUR350 million and an additional payment of EUR50 million. Full Article
Iberdrola SA To Sell Iberdrola Renovables France And French Wind Parks For EUR 350 Mln-Reuters
Reuters reported that Iberdrola SA has signed a deal to sell its onshore assets in France for an initial payment of EUR 350 million (USD 463 million) plus an additional payment of EUR 50 million subject to conditions. The deal will be carried out through the sale of Iberdrola Renovables France (IBRF), the French unit that owns 32 wind parks with total power of 321.4 megawatts. General Electric will own 40% of the company and MEAG, the asset manager of insurance company Munich Re and ERGO, another 40%. EDF Energies Nouvelles will own the remaining 20%. Full Article
Bolivia Nationalizes Iberdrola SA 's Electricity Companies-Reuters
Reuters reported that on December 29, 2012 Bolivia nationalized two electricity distribution companies owned by Iberdrola SA. The Company will be compensated according to a valuation to be drawn up by an independent arbiter, adding that the measure was aimed at enhancing rural energy services. Iberdrola SA's units are Electropaz, which supplies around 470,000 customers in the cities of La Paz and El Alto; and Elfeo, which supplies approximately 80,000 customers in the city of Oruro. The nationalization also includes two small suppliers owned by the Company, which provide services to the distributors. Full Article
Iberdrola SA Sells Medgaz Pipeline Stake To Fluxys Belgium NV For EUR 146 Million-Reuters
Reuters reported that Iberdrola SA announced that it had agreed to sell its a 20% stake in the Medgaz pipeline to Fluxys Belgium NV for EUR 146 million (USD 193 million). Iberdrola SA agreed the sale on December 27, 2012. Other shareholders in the Medgaz pipeline, which runs between Algeria and Spain, include oil firm Cepsa and Algeria's state-owned Sonatrach. Full Article
ACS Actividades de Construccion y Servicios SA Announces Further Details On Iberdrola SA’s Equity Swap
ACS Actividades de Construccion y Servicios SA (ACS) announced that in relation to the previous announcement from July 27, 2012 regarding the deal with creditor Natixis to cancel the margin call on an equity swap worth EUR 1.4 billion (USD 1.72 billion) in 277,971,800 shares of Iberdrola SA, the Company has signed an amendment that payment will be in shares or in cash. In addition, in relation to the prepaid forward contract between Residencial Monte Carmelo SA, a subsidiary of ACS and Societe General, regarding the total of 492,545,762 Iberdrola’s shares, it has been signed an amendment that payment will be only in shares. Full Article
MVV Energie AG’s Subsidiary To Acquire Onshore Operating Assets, Including All Iberdrola Renovables Deutschland GmbH’s Shares of Iberdrola SA in Germany
Iberdrola SA announced that on December 7, 2012 it has reached the agreement with MVV Energie AG, under which MVV Energie AG’s MVV Windenergie GmbH will acquire all onshore operating assets of the Company in Germany, including all shares of Iberdrola Renovables Deutschland GmbH, a wholly-owned subsidiary of Iberdrola Renovables Energia SA Unipersonal, a wholly-owned subsidiary; and credit rights against Iberdrola Renovables Deutschland GmbH and Windpark Julicher Land GmbH. The aggregate total consideration for the Shares and the Intra group Credit Rights under the Transaction amounts to EUR 52.7 million upon consummation of the Transaction plus an additional contingent payment of up to EUR 10.1 million, all of which is subject to compliance with certain requirements. Full Article
Standard & Poor’s Downgrades Its Long-Term Corporate Credit Ratings on Iberdrola SA; Affirms Its Short-Term Corporate Credit Ratings on Iberdrola SA
Iberdrola SA announced that Standard & Poor’s has downgraded its long-term corporate credit ratings on the Company from BBB+ to BBB, as well as it has affirmed the Company’s short-term corporate credit ratings at A-2. The outlook is stable. Full Article
Endesa SA Mandates Banco Santander SA To Find Buyer For Its 15% Stake In Medgaz Project Co-Owned By Iberdrola SA-Reuters
Reuters reported that Endesa SA has mandated Banco Santander to look for a buyer for its a 15% stake in Algerian pipeline project Medgaz. Other shareholders in Medgaz include Iberdrola SA, Algeria's state-owned Sonatrach SPA, Cepsa and GDF Suez SA. Full Article
UPDATE 1-Spanish builder ACS posts 12 pct rise in core profit
MADRID, May 14 - Spanish construction company ACS posted a 12 percent rise in first-quarter core profit thanks to strong earnings from its overseas divisions, particularly German builder Hochtief.
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