Bilbao, Spain — (METERING.COM) — January 17, 2007 – Spanish utility Iberdrola’s takeover of U.K. utility ScottishPower remains on track – Iberdrola has filed the necessary documents with the European Commission and expects to receive approval next month.
A possible hurdle was overcome when CNE, Spain’s energy sector watchdog, announced that it did not intend to investigate the merger, despite a request by Endesa, a large Spanish utility. Endesa had suggested that the acquisition could adversely affect regulated businesses and the security of supply.
There are still some steps that must be taken before the deal is finalized, however – regulatory approval in the United States is necessary, because of ScottishPower’s activities there, and shareholder clearance and court approvals are also necessary.
Once all this has been accomplished, Iberdrola will be the third largest utility in Europe, after Electricité de France and E.ON of Germany.