Iberdrola Denies Report Of Exclusive Deal With Ashmore Energy
January 05 2011 - 8:27AM
Dow Jones News
Spanish power utility Iberdrola SA (IBE.MC) Wednesday denied a
media report that it is in exclusive talks to acquire assets from
Ashmore Energy International, and said it has no plans to buy the
U.S.-based company.
Iberdrola's statement comes after Brazilian newspaper Valor
Online reported that Iberdrola, Spain's largest power company by
market value, has an exclusivity deal to study the purchase of a
portfolio of AEI assets worth $8 billion, including Brazil's power
company Elektro.
An Iberdrola spokesman, however, declined to comment on whether
Iberdrola is looking to buy any of the assets. Spokespeople for AEI
were not immediately available.
Last year, Brazilian media reported that Iberdrola and three
Brazilian utilities--Companhia Energetica de Minas Gerais or Cemig
(CIG, CMIG4.BR); CPFL Energia SA (CPL, CPFE3.BR), Brazil's biggest
non-state utility; and AES Corp.'s (AES) Brazilian unit--were
bidding to buy AEI's assets in Brazil, worth as much as 7 billion
Brazilian reais ($4.24 billion).
Valor Online said Iberdrola's exclusivity deal would give the
company 15 days to decide whether it will go ahead with an offer
for the AEI assets, which also include power and gas operations
elsewhere in Latin America, China and Eastern Europe.
-By David Roman and Juan Montes, Dow Jones Newswires, +34 91 395
8127; david.roman@dowjones.com
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