Gas plumps for Iberdrola
Gas Natural’s bid to acquire Spanish utility Iberdrola has surprised the market, and although a takeover would make strategic sense, many analysts believe the outcome is still unclear.
Obstacles for the transaction remain, such as regulatory clearance to rule on competition issues and approval by 75% of Iberdrola shareholders – at the time of press, 23% had rejected the offer and this figure is expected to rise. Michael Dolan, utilities analyst at Bank of America, says that Gas Natural’s offer of
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