Monday April 28, 01:57 PM
EDF given 5 more days by Bilbao court to declare intentions on Iberdrola UPDATE
(Updates to add EDF (Paris: FR0010242511 - news) declines to comment)
MADRID (Thomson Financial) - A judge for the mercantile
court in Bilbao said he is giving EDF five more working days to declare its intentions on Iberdrola SA (Madrid: IBE.MC - news) , after the French utility failed to comply with the first court ruling to the same effect on March 25.
If EDF fails to comply with the new ruling, the Bilbao court said it will impose a monthly fine on the French utility.
Iberdrola has requested a 15.2 million euro to 76.0 million euro fine on EDF for every month that it fails to comply with the court order.
In March, the court asked EDF -- at the request of Iberdrola -- to declare if it has begun, or is preparing, a bid for the Spanish utility through the acquisition of shares, swaps or securities convertible into stock.
The move followed months of media speculation that the French utility is in talks with Spanish constructor Actividades de Construccion y Servicios SA over a possible joint bid for Iberdrola.
A spokesperson for EDF declined to comment on the ruling.
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