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Spanish government sells shares to raise funds

Sat 29th Jan 2011

The Spanish government's state investment holding company (SEPI) announced yesterday how it intends to sell stakes in the newly merged BA / Iberian airways, in power grid operator REE and the Ebro food company, which have an estimated combined value of 850 mln euros .

The portfolio has been scheduled to be sold in Spain's 2011 budget and is only a small part of the total assets which the government could sell to reduce its funding requirements, including property and Spain's airports authority.

SEPI said yesterday that it was seeking authorisation to sell 2.71 % of IAG - the new holding company created as a result of the merger of British Airways and Iberia airlines, with the stake worth about 150 million euros at current share prices. SEPI realeaed a statement saying how it is also seeking permission to to sell a 10 % stake in power grid operator REE worth about 500 million euros, and 8.65 % of food company Ebro Foods, currently worth about 206 million euros.