CNE, the Spanish energy regulator, could reject a request by Spanish utility Iberdrola SA (IBE.MC) to curb the voting rights and stake holding of its top shareholder, Actividades de Construccion y Servicios SA (ACS.MC), Spanish daily ABC reports Friday.
Citing sources close to the CNE, the newspaper says that a majority of the regulator's board members would prefer to refrain from taking any action until Iberdrola receives a formal takeover bid either from ACS or with the backing of the construction giant.
ABC adds that the CNE will decide on Iberdrola's request at a board meeting next Thursday.
Iberdrola filed the request with the CNE after ACS earlier this year confirmed it held talks with Electricite de France SA (1024251.FR) about a potential joint bid for Iberdrola.