Spanish utility Iberdrola is set to sell its stake in Galp, the Portuguese electricity and gas supplier, according to reports from the Spanish capital.
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.