The Dow Jones news agency has reported that Spain’s second largest power company Iberdrola is to sell its 4% stake in Portugal’s Galp. The news follows speculation in the Spanish press that Iberdrola had been approached by a Portuguese businessman about the possibility of a sale.
Iberdrola declined to reveal the value of the deal in a statement to the Madrid stock exchange, although it is believed that the company wishes to consolidate its Portuguese interests around its share of Energias de Portugal.
