Iberdrola SA (IBE.MC) has asked the Spanish energy regulator CNE to limit the stake holding and voting rights of its top shareholder, Actividades de Construccion y Servicios SA (ACS.MC), after the latter held talks with Electricite de France SA (1024251.FR) about a potential joint bid for Iberdrola.
Iberdrola SA (IBE.MC) has asked the Spanish energy regulator CNE to limit the stake holding and voting rights of its top shareholder, Actividades de Construccion y Servicios SA (ACS.MC), after the latter held talks with Electricite de France SA (1024251.FR) about a potential joint bid for Iberdrola.

Madrid-based ACS, Spain's largest construction company by market value, last year asked for clearance to have voting rights in the power utility.

ACS, which controls around 13% of Iberdrola and is the leading shareholder of rival utility Union Fenosa SA (UNF.MC), had its voting rights limited to 3% in Iberdrola because it had a controlling stake in a rival electricity company.

In a press release Friday, the regulator said Iberdrola has asked the regulator to revoke previous voting rights and stake holding authorizations granted to ACS.

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