Spanish lender La Caixa Friday denied a press report that it's willing to buy the 12% stake held in Iberdrola SA (IBE.MC) by Actividades de Construccion y Servicios SA (ACS.MC), or ACS, as a measure to pave the way for a multibillion deal in Spain's utility sector.
"La Caixa denies any report that it's mulling a possible deal in the energy sector," said a spokeswoman for Spain's largest savings bank by income.
Earlier Friday, Spanish newspaper La Razon said La Caixa and oil company Repsol YPF SA (REP) are looking at a deal with ACS as a preliminary step for a tie-up between Iberdrola - Spain's largest power utility by market value - and natural gas distributor Gas Natural SDG SA (GAS.MC), controlled by La Caixa and Repsol.
A spokesman for Repsol declined to comment immediately on the report. Earlier this year, Repsol denied any plans for short-term deals in Spain's energy sector.
La Razon said a the stake sale would allow ACS, a construction firm, to reduce its debt.