Iberdrola raises stake in Gamesa to 16.05%

(ADPnews) - Nov 4, 2010 - Spanish power utility Iberdrola (MCE:IBE) keeps lifting its stake in wind energy company Gamesa (MCE:GAM), having acquired 0.142% to reach a shareholding of 16.05%, according to data of the Spanish stock market regulator CNMV.

Iberdrola bought 552,000 Gamesa shares at a price of EUR 4.93 apiece for a total EUR 2.72 million (USD 3.808m).

The utility now holds a total 39.44 million shares in the wind energy firm worth some EUR 194 million.

Iberdrola said on October 20 it was likely to continue acquiring shares in Gamesa. Iberdrola's chairman, Ignacio Sanchez Galan, added that the shares in Gamesa were cheap and the company would probably keep buying. The utility does not plan to exceed the 30% threshold in Gamesa.

(EUR 1.0 = USD 1.400)

Choose your newsletter by Renewables Now. Join for free!