Iberdrola Said to Be Mulling Bid for Innogy -Spanish Media Report
September 07 2017 - 6:22AM
Dow Jones News
By Alberto Delclaux
Iberdrola SA (IBEC.MC) is reportedly considering a bid for
Germany's Innogy SE (IGY.XE), a renewable energy company valued at
more than 20 billion euros ($23.8 billion), according to unnamed
sources cited by Spanish newspaper Expansion on Thursday.
Expansion said the Spanish electric utility company has its eyes
set on expanding in Europe after a fruitless search for investment
opportunities in the U.S. and Australia. Experts predict there will
be a consolidation in the energy industry, the report says.
Innogy was created as a renewable energy spinoff by RWE AG
(RWE.XE), which still owns more than three-quarters of the
company's capital.
Bilbao-based Iberdrola was not immediately available for
comment, but told Expansion that it did not comment on rumors and
is committed to its strategy of investing EUR25 billion from 2016
to 2020.
Iberdrola shares were up 0.8%, trading at EUR6.91. Innogy's
shares were up 1.6%, at EUR37.48.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
September 07, 2017 06:07 ET (10:07 GMT)
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