Mon, 14 Jan 2013 | BUSINESS SALE
Iberdrola has put its plan to sell a substantial stake in Scottish Power on hold after recent asset sales proved to be better than expected.
The Spanish company had been exploring the sale of a stake in its UK-regulated power business as part of its debt reduction drive. However, two people familiar with the process have told the Financial Times that these plans have since been put on ice due to successful asset sales elsewhere in Iberdrola's empire.
An asset sale programme worth €2 billion has been put in place by the company and is set to be realised before 2014. Last year, it managed to sell €850 million worth of non-core assets, which was more than had been predicted. Included in the sales were 32 wind farms in France for €400 million, as well as stakes in US businesses, Energetix and NYSEG Solutions for $110.2 million.
The successful sales of Iberdrola's international business property was behind the decision to keep hold of Scottish Power. The company had originally planned to put 49 per cent of the firm up for sale and some individuals close to the deal had said that this had already attracted some interest.
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