Although Iberdrola’s acquisition of ScottishPower is still subject to a number of conditions, including the approval of the court of session in Edinburgh, Scotland, the takeover is now fully expected to go ahead.
ScottishPower commented that the court hearing to sanction the takeover will take place on April 19, 2007, while the hearing to confirm the reduction of the company’s share capital is expected to take place on April 23, 2007. If all conditions are satisfied, the takeover is expected to be completed on April 23, 2007.
ScottishPower said that its listing on the New York Stock Exchange is expected to be suspended at the close of business on April 4, 2007, while its listing on the London Stock Exchange is expected to be suspended on April 19, 2007. The utility added that its shareholders’ special dividend of 12 pence is expected to be paid on April 27, 2007.
ScottishPower revealed that it will publish its preliminary results for the 12 months to March 31, 2007 on or after June 19, 2007.
