Scottish Power, the Glasgow-based power generation and distribution group, is to be acquired by Iberdrola of Spain for £11.6bn."The combination of the two businesses will enable ScottishPower to compete on a global scale in an increasingly competitive environment and the terms offered by Iberdrola provide an attractive price for ScottishPower shareholders and allow those shareholders the opportunity to maintain an interest in the enlarged group", was the recommendation by the ScottishPower board.