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Iberdrola permitted to acquire Rokas
1 February 2009
The Greek capital markets regulator has given the go-ahead for Spain's Iberdrola, the world's largest wind energy operator, to buy the remaining shares it does not already own in Greece's leading wind company, Rokas, for EUR 175 million. This values Rokas' stock at EUR 16 per ordinary share and EUR 11 for each preferred share, representing a premium of 23% and 33%, respectively, over the closing price on June 30, the day before the offer was made. To date, Rokas has installed 200 MW of operating wind power in Greece, while its development pipeline amounts to around 1700 MW. Iberdrola first entered the Greek market when it bought a 21% stake in Rokas in 2004.
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