The news source noted that EDF’s acquisition of Iberdrola will have to be approved by European regulators, rather than Spain’s energy regulatory body, Comision Nacional de Energia.
Iberdrola’s proposed merger with fellow Spanish energy firm Gas Natural could also come under European ruling, rather than Spanish arbitration. The EU reportedly has the power to reject and set pre-conditions for any mergers and acquisitions due to competition regulations.
Any deal involving Iberdrola will be considered under European jurisdiction, as one-third of Iberdrola’s European sales come from its recently acquired UK unit, Scottish Power, reported the Financial Times.
