Spain's Iberdrola To Buy Out Renewables Unit

Law360, New York (March 8, 2011, 7:17 PM EST) -- Spanish energy company Iberdrola SA said Tuesday that it plans to acquire its renewable energy subsidiary Iberdrola Renovables SA by July.

The company said in a statement that it would exchange the equivalent of 0.499 of its own shares for each Iberdrola Renovables share, valuing the subsidiary at €2.98 ($4.14) per share. That price is a 16.7 percent premium over the renewables unit's average share price over the last six months, Iberdrola said.

Iberdrola also plans to vote on the distribution of an extraordinary dividend, the...
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