Deals

Iberdrola evaluates next steps after $8 bln PNM takeover is blocked

1 minute read

MADRID, Dec 10 (Reuters) - Power company Iberdrola's (IBE.MC) U.S. unit Avangrid (AGR.N) will evaluate its next steps after a New Mexico regulator blocked its planned takeover of rival PNM Resources (PNM.N), the Spanish group said on Friday.

"Avangrid and PNM are evaluating the statements by (New Mexico's utility regulator) NMRC at the public hearing and the notification and are studying the next steps to take in this process," Iberdrola said in a statement.

The New Mexico utility regulator on Wednesday rejected Avangrid's proposed $8 billion acquisition of PNM Resources, saying the deal's risks outweighed its promised benefits to state ratepayers.

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Reporting by Inti Landauro Editing by David Goodman

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