SCOTTISHPOWER could face its second change of owner in as many years as speculation mounts that its Spanish parent is being stalked for takeover.
ACS, Spain's largest building firm, and French utility EDF, have reportedly held preliminary talks about a bid for Iberdrola, which bought ScottishPower in 2006.
EDF refused to comment yesterday, but ASC stoked rumours, saying it had "reached no
agreement with EDF to make a joint bid" for Iberdrola. ASC controls almost 13 per cent of Iberdrola.
The Spanish firm's takeover of ScottishPower was opposed by the Scottish National Party. However, relations between the Madrid-based company and the Scottish Government improved following guarantees that the Glasgow headquarters and brands would remain.
A spokesman for the Scottish Government last night said it was monitoring the situation. He said ministers would "do whatever they can to protect Scottish interests in the light of any potential developments".
Iberdrola chairman Jose Ignacio Sanchez Galan told reporters yesterday his only knowledge of the talks was through the media.
"If anybody is interested in setting a price, then they should make it very attractive; if not, then we will act in a way so that value is maximised," he said.
According to the reports, EDF, majority-owned by the French government, would take control of ScottishPower in any deal, as part of a carve-up of assets. This would roughly double its customer base in the UK to more than ten million, taking it into second position in terms of customers, ahead of Perth-based Scottish & Southern Energy and behind Centrica, which owns British Gas.
EDF entered the UK with the acquisition and merger of Seeboard, London Energy and SWEB Energy in 2002. The three separate brands have disappeared and the company only operates under the EDF brand in the UK.
The full article contains 306 words and appears in The Scotsman newspaper.
