August 31, 2012 / 9:06 AM / in 5 years

Spain's ACS says to keep Iberdrola stake for 3 years

MADRID, Aug 31 (Reuters) - Spanish builder ACS intends to keep its current 14.85 percent stake in power firm Iberdrola for three years, its chairman said on Friday.

“We’re going to keep it for sure for three years because we’ve stabilised our stake for the next three years, during which we’re going to devote ourselves to our core activity which is to continue as a global leader in infrastructure,” Chairman and Chief Executive Florentino Perez said on a conference call.

Earlier on Friday, ACS announced that it had written down part of the value of its stake in Iberdrola, pushing the group to a first-half loss of 1.23 billion euros ($1.54 billion). ($1 = 0.8001 euros) (Reporting By Tracy Rucinski, Editing by Clare Kane)

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