Spanish utility Iberdrola SA (IBDRY, IBE.MC) is in advanced talks to acquire a controlling stake in Brazilian electrical energy generator and distributor Neoenergia SA (GNAN3.BR), Valor Economico reported Friday, citing an unnamed person close to the Spanish company.

Iberdrola aims to raise its stake in Neoenergia to 60%, the newspaper reported. Currently, the Spanish company holds a 39% stake.

Iberdrola is in talks to buy the stake in Neoenergia from local pension fund Previ, the pension fund for employees of government-run bank Banco do Brasil SA (BDORY, BBAS3.BR), Valor said. The company also plans to buy Banco do Brasil's 12% stake, Valor said.

Iberdrola's press office wasn't immediately available for comment.

Previ and Banco do Brasil said in separate responses sent to Dow Jones Newswires that there was no truth to the report that they planned to sell their stakes in Neoenergia.

Previ director Geovanne da Silva said earlier this year that the pension fund was interested in reducing its stakes in Neoenergia and CPFL Energia SA (CPFE3.BR), in which it holds a 31% interest. The company had proposed merging the two utilities. Previ has to reduce its holdings to 25% in each company by 2014 to adapt to new rules for pension funds, da Silva said at the time.

BNDES, the country's national development bank, also denied the report. Valor reported that BNDES investment arm BNDESPar, which has significant stakes in other electric utilities, would buy a 15% stake in the company.
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