Iberdrola SA (IBE.MC) is open to study any possible merger-and-acquisition approaches but it hasn't held any formal talks with Spanish natural gas distributor Gas Natural SDG SA (GAS.MC), Chairman Ignacio Galan said Tuesday.
Speaking here at a press conference ahead of the company's annual general meeting to be held Thursday, Galan denied recent Spanish media reports that he discussed a possible bid for Gas Natural in a meeting with Gas Natural shareholders and top executives last week.
"There is no deal or project of any deal with Gas Natural," Galan said.
He said that, in case any deal is proposed, Iberdrola would apply strict criteria for approval, including the requirement that no extensive divestments are demanded by regulators.
Iberdrola, based in Bilbao, northern Spain, is the world's biggest wind-power generator, and Spain's largest power utility by market value.