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| Iberdrola sells 4% stake in Galp  Iberdrola, the second largest Spanish electrical company, announced the sale of its 4% stake in Portugal's Galp Energia company, represented by 33,170,025 shares, for a gross amount of €499.5 million and a pre-tax capital gain of some €386.5 million. The company placed the 3.83% that still possessed of Galp's equity, 31,772,282 shares, with qualified international investors through Merrill Lynch International. In the last few days, the Iberdrola Group had sold the rest of its GALP holdings in the open market. The operation comes in the context of the 2008-2010 strategic plan, calling for shedding more than €3 billion worth of non-core investments. The company is now beginning a new investment cycle, and plans to pour €24.2 billion into its core energy business in Spain and abroad.Accordingly, Iberdrola will now concentrate its participation in Portugal's power industry via Energias de Portugal (EDP), a company which holds a 9.5% stake since April, 2006, when it enlarged its position, previously of 5.7%. write your comments about the article :: © 2008 Construction News :: home page |