At the utility’s annual general meeting, Iberdrola’s shareholders also backed the utility’s plans to increase share capital through the issue of up to 263.4 million new shares, to meet the conditions of the friendly integration agreement reached with ScottishPower in November 2006. The share issue is valued at up to E8,625 million.
In a press release, Iberdrola added that the proposal will be submitted to ScottishPower’s shareholders at the utility’s annual general meeting on March 30, 2007.
Ignacio Galan, Iberdrola’s chairman, commented that the integration will create one of the largest companies in the global energy sector, with a total enterprise value of around E65 billion.
Mr Galan added that 2006 had been a successful year for Iberdrola, which had seen the utility reach several of its goals, including a 43% increase in share price and a 20% increase in shareholder remuneration over 2005.
