Spain's Iberdrola SA (IBE.MC) has standalone appeal and is looking to remain independent, despite recent speculation that a bid was imminent from rival Electricite de France (1024251.FR), Iberdrola Chairman Ignacio Galan said Wednesday.
Speaking at a conference call with analysts, Galan said the management team has received much support from shareholders, politicians and key industry leaders, and seeks to continue the company's independent expansion.
In late January, Iberdrola shares jumped on speculation that EdF had been mulling an offer - as was later confirmed by the state-controlled French company. EdF, unveiling fourth-quarter earnings Wednesday, said it doesn't yet know how it will act in any possible bid in Spain.
Iberdrola posted a 57% increase in fourth-quarter net profit to EUR740.7, driven by the consolidation of the U.K.'s Scottish Power, acquired last year.