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Iberdrola offer to de-list Renovables division with shares below launch value

Source: El Pais - Wed 9th Mar 2011

Spain's Iberdrola announced yesterday that it had offered to buy out minority interests in its renewable energy division - Iberdrola Renovables - at almost half the price it listed the company at a little over three years ago.

With the economy still struggling to recover from its worst recession in decades and the stock market at levels well below those at the time of the company's listing, Iberdrola is offering 2.978 euros per share for its green power unit, 44% below to its listing price, but 16.7% above the average share price over the last six months.

Under the terms of the offer, Renovables shareholders would receive 1.191 euros per share in the form of a cash dividend with the rest in the form of Iberdrola shares on the basis of 0.299 Iberdrola shares for every Renovables share. Iberdrola said Renovables' share price does not reflect its growth potential.

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