Iberdrola Hires Morgan Stanley To Sell 10% Stake In Gamesa
MADRID -(Dow Jones)- Spanish electricity company Iberdrola SA (IBE.MC) said
Monday it had hired Morgan Stanley (MS) to sell a 10% stake the company owns in
wind turbine maker Gamesa Corporacion Tecnologica SA (GAM.MC).
In a filing to the Spanish market regulator, Iberdrola said it would sell 24.3
million shares to institutional and qualified investors.
The 10% stake is worth EUR407 million, according to Gamesa's closing share
price. Gamesa shares closed Monday 6.5% higher at EUR16.78, outpacing an overall
higher Spanish market.
Iberdrola has a total stake of 24% in Gamesa, according to records from the
Spanish market regulator.
Iberdrola, based in Bilbao, northern Spain, is the world's biggest wind-power
generator.
Company Web site: http://www.iberdrola.com
-By Jason Sinclair, Dow Jones Newswires, +34-91-395-8125; bernd.radowitz@
dowjones.com
(END) Dow Jones Newswires
06-01-091323ET
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