Friday February 1, 06:30 PM
No 'concrete proposal' from EDF for Iberdrola: Spanish deputy PM
MADRID (AFP) - French power EDF (Paris: FR0010242511 - news) has not made any "concrete proposal" for Iberdrola (Madrid: BIB.MC - news) , Spain's second-biggest energy utility, Deputy Prime Minister Maria Teresa Fernandez de la Vega said Friday.
"The interest on the part of the French firm in moving into Spain is public. Having said that, as of today ... there is no concrete proposal of any sort," she told a news conference follwing a weekly cabient meeting.
De la Vega was responding to a question over a report that the government was aware of a possible approach from EDF, Europe's largest power producer, for Iberdrola.
"The Spanish government does not give its opinion regarding business operations and even less so on market rumours. It is up to regulatory bodies to evalute such an operation if it materialises," she added.
The Financial Times, citing political and investment bank sources, reported Wednesday that EDF and Spanish builder ACS (Madrid: ACS.MC - news) , a core Iberdrola shareholder, were in early talks regarding a joint bid for the Spanish power firm.
The paper said Spanish Prime Minister Jose Luis Rodriguez Zapatero and French President Nicolas Sarkozy were aware of the talks between the companies.
EDF and ACS may divide up the company if their bid is successful, it added.
Economy Minister Minister Pedro Solbes told a radio station Thursday that he was concerned by the prospect of possible carve-up of Iberdrola's assets in the event of a bid for the utility, saying this "was not a minor topic."
Meanwhile French presidency spokesman David Martinon said Thursdat that the government has made it known to EDF that any investment in Spain, specifically in Iberdrola, should have the approval of Spanish authorities.
Iberdrola shares closed up 1.77 percent at 10.36 euros, easing from a session high of 10.68 euros amid heavy trade.
Over 28 million Iberdrola shares changed hands on a day when the blue chip Ibex-35 index closed up 2.01 percent at 13.494,70 points.
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