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Sovereign Wealth Funds Briefing - Categorized | Financials, Investment, Market

Qatar’s sovereign fund buys over 6 percent of Spanish power utility Iberdrola

Posted on 15 March 2011

From Scotsman.com: Qatar is to buy a 6.16 per cent stake in ScottishPower-owner Iberdrola for €2.2 billion (£1.9bn), helping the Spanish utility giant to finance its Brazilian operations and further diluting unwanted suitor ACS. Iberdrola, which is saddled with €24bn of debt, will issue and sell 338 million shares at €5.63 each to Qatar Holding, the state’s sovereign wealth fund.
Spanish builder ACS holds about 20 per cent of Iberdrola and plans to purchase more shares in its drive to win a seat on the utility’s board, which it is also fighting for in the courts……………………………………….Full Article: Source


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