Actividades de Construccion y Servicios SA (ACS.MC), or ACS, could sell its 45.3% stake in Union Fenosa SA (UNF.MC) to French utility Electricite de France SA (1024251.FR) as part of its effort to gain control of Iberdrola SA (IBE.MC), Spanish daily ABC reports Thursday, citing people with knowledge of the transaction.
ACS, which already controls more than 12% of Iberdrola, would use the funds obtained from the potential sale of the stake in Fenosa to double its holding in Iberdrola, giving the construction giant more of a say in Iberdrola's future, ABC says.
The plan, which could materialize after Spain's March 9 general elections, would also aim to merge Iberdrola with Gas Natural SA (GAS.MC), the country's leading gas distributor, ABC reports, although this move would take place at a later stage.