Wed, Jul. 20, 9:11 AM
Wed, Apr. 27, 8:58 AM
Wed, Feb. 24, 1:11 PM
- Spanish utility Iberdrola (OTCPK:IBDSF, OTCPK:IBDRY) says it will target a 6% annual growth rate in core earnings over the next five years. as well as dividend increases in line with that trend for a payout of 65%-75%.
- Iberdrola also announces plans to to invest €24B ($26B) during 2016-20, mostly in networks and renewable energy.
- Europe's biggest power company says it will target investment in the U.S. and Britain as part of a new strategic plan; the company completed a $3B takeover of U.S.-based UIL Holding last year, and owns U.S. company Energy East and British utility ScottishPower.
Wed, Feb. 24, 9:29 AM
- Iberdrola S.A. ADR (OTCPK:IBDRY): Q4 Net Income of €501.9M
- Revenue of €7.73B (-1.4% Y/Y)
Dec. 10, 2015, 8:22 AM
- Connecticut's utilities regulator approved the $3B merger of UIL Holdings (NYSE:UIL) and Spanish energy company Iberdrola (OTCPK:IBDSF, OTCPK:IBDRY) late yesterday, permitting the deal to close this quarter.
- The state's Public Utilities Regulatory Authority rejected the deal in a preliminary decision in July, saying the benefits for the public were not "tangible and sizable," but finally concluded that the application met its financial, managerial, technical and public interest requirements.
Nov. 30, 2015, 6:47 PM
- ITC Holdings (NYSE:ITC) confirms it is exploring strategic options, including a sale of the company.
- ITC could fetch as much as $45/share, Citigroup analyst Praful Mehta says, reflecting a premium of as much as 37% over the 50-day average stock price.
- Utilities including the U.K.’s National Grid (NYSE:NGG) and Spain’s Iberdrola (OTCPK:IBDSF, OTCPK:IBDRY) reportedly may consider bidding for the company.
- ITC closed 9% higher in today's trade after Bloomberg reported earlier that the company was exploring a sale.
Sep. 17, 2015, 6:54 PM
- UIL Holdings (NYSE:UIL) and proposed merger partner Iberdrola (OTCPK:IBDSF, OTCPK:IBDRY) would pick up the entire $30M tab for cleaning up the long-idled, polluted English Station power plant in New Haven, in an agreement announced today by Connecticut's attorney general.
- The agreement is separate from the merger approvals the companies are seeking from the state's utility regulator, whose members have said they cannot consider the cleanup as a condition of approving the merger, but the agreement is contingent on the merger securing all regulators' approvals.
Sep. 14, 2015, 8:19 AM
- UIL Holdings (NYSE:UIL) and Iberdrola (OTCPK:IBDSF, OTCPK:IBDRY) say they have reached an agreement in principle with Connecticut's Office of Consumer Counsel that would resolve the regulator's concerns with the companies pending merger application, if agreement can be reached with other parties concerning English Station in New Haven.
- Iberdrola agreed in February to buy UIL as part of an expansion plan in the U.S., but Connecticut regulators rejected the $3B deal, saying the benefits for the public were not "tangible and sizable"; federal regulators already have approved the takeover.
Jul. 7, 2015, 10:51 AM
- UIL Holdings (UIL +2.9%) pops after an SEC filing shows it and Iberdrola (OTCPK:IBDSF, OTCPK:IBDRY) will submit a new application to Connecticut's Public Utilities Regulatory Authority regarding their merger.
- The companies say they will file a new application for a change of control of UIL in a manner they believe addresses the points and guidance included in the state's rejection of their proposed merger.
- In its decision, the regulator had said a lack of certain corporate safeguards could "weaken" the Connecticut utilities.
Jun. 30, 2015, 3:42 PM
- UIL Holdings (UIL -3.7%) tumbles as Connecticut regulators rejected its proposed merger with the U.S. operations of Iberdrola (OTCPK:IBDSF,OTCPK:IBDRY).
- The state Public Utilities Regulatory Authority says in a draft decision that although Iberdrola has the technical experience and financial resources to complete the merger, the lack of certain corporate safeguards could "weaken" the Connecticut utilities.
- The transaction was announced in February and was still subject to regulatory and UIL shareholder approvals.
Feb. 26, 2015, 4:55 AM
- Spanish utility Iberdrola (OTCPK:IBDRY) has agreed to buy UIL Holdings (NYSE:UIL) for about $3B, creating a new listed power and electric utility.
- Iberdrola said the deal would help implement its growth plans in the U.S. through 2016, as it seeks to expand its footprint outside its sluggish home market.
- The deal values each share of UIL at $52.83, representing a 23.6% premium over its closing price on Wednesday.
Sep. 21, 2014, 4:09 AM
- The bidding is now open on Energy Future Holdings' 80% stake in Oncor, a Texas transmission business that's being auctioned in a Chapter 11 proceeding.
- The deadline to pick a stalking horse (lead bidder) is Oct. 23. Competitors that make it to the second round must have their refined offers in by Nov. 21.
- Interested bidders may include NextEra Energy (NYSE:NEE), CenterPoint Energy (NYSE:CNP), and Iberdrola (OTCPK:IBDRY, OTCPK:IBDSF).
Sep. 8, 2014, 6:05 PM
- Cleco (NYSE:CNL) is nearing a deal to sell itself and has narrowed down the list of prospective buyers to Spanish power company Iberdrola (OTCPK:IBDRY, OTCPK:IBDSF) and Australian investment bank Macquarie (OTC:MCQEF), FT reports.
- Both bidders reportedly have discussed terms with CNL and a deal could be announced within weeks; a deal likely would fetch a premium to its market value, which now stands at $3.4B.
- The Louisiana electricity supplier has been the subject of takeover rumors since June, when it said it was exploring strategic options after receiving attention from Canada's Borealis (OTCPK:BOREF), which is no longer interested; CenterPoint Energy (NYSE:CNP) also is no longer involved in discussions.
Aug. 20, 2014, 8:07 AM| Aug. 20, 2014, 8:07 AM
Jul. 30, 2014, 5:58 PM
- Cleco (NYSE:CNL) popped to a 3% gain just before the close after WSJ reported that Spanish power company Iberdrola (OTCPK:IBDRY, OTCPK:IBDSF) has emerged as a potential buyer.
- Iberdrola is among a small group of second-round bidders for Cleco, which supplies power to 280K-plus customers in Louisiana and Mississippi; other bidders are not known.
- Iberdrola USA supplies power to nearly 3M customers in eight states and owns more than 60 renewable energy projects in 24 states.
May 30, 2014, 8:36 AM
- Cheniere Energy (LNG) +2.7% premarket after agreeing to sell 400K metric tons/year of liquefied natural gas to Spanish power company Iberdrola (IBDRY, IBDSF) upon commencement of operations of Train 1 of the LNG export facility being developed near Corpus Christi, Tex., and increasing to 800K metric tons/year upon commencement of Train 2.
- The agreement is for 20 years beyond the date of first commercial delivery of the second train, with an extension option of up to 10 years; deliveries from Train 2 are expected to occur in 2019.
- The Corpus Christi Liquefaction Project is being designed and permitted for up to three trains, with aggregate design production capacity of 13.5M metric tons/year of LNG.
- Iberdrola says the deal is worth $5.6B and will allow it to fulfill its long-term fuel needs for gas generation plants in Spain and Britain, where it is also a major operator.