Iberdrola SA (IBE.MC) is preparing an anti-Electricite de France SA (1024251.FR) plan to block a possible takeover bid from the French company on the Spanish utility, reports Cinco Dias in its Monday Internet edition, citing people familiar with the situation.
Iberdrola, advised by Morgan Stanley (MS), is trying to encourage several Spanish investors to buy at least a combined 10% stake in Iberdrola, the paper says. Even if it's not a large holding it would be enough to prevent the possible removal of a 10% cap in voting rights. Under company by-laws, it would require the approval of 75% of the company shareholders to alter the voting cap, according to Cinco Dias.
According to the paper, Iberdrola is currently in talks with two potential Spanish investors: solar panel maker Solaria Energia y Medio Ambiente SA (SLR.MC) and Luis Nozadela, owner of the real-estate company Nozar SA