Spain's Iberdrola takes bigger share in Rokas

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Spanish renewables giant Iberdrola Renovables has upped its stake in Greece's dominant wind plant developer-operator, Rokas, from 52.7% to 67.8%. The investment is part of Iberdrola's EUR 175 million bid to acquire all outstanding shares in Rokas. Iberdrola regards Greece as one of its key target markets. If it succeeds in its bid, Iberdrola will own 217 MW of operating wind power capacity in Greece, up from 123 MW. All but 10 MW of the potential total will be from its Rokas purchase. Days after Iberdrola announced the bid for Rokas, however, Euro2day newswire reported that holders of over 10% of preferential shares had complained to Greek regulators that the EUR 11 per share Iberdrola Renovables is offering them is too low, especially compared with the EUR 21.5 paid for each of the Rokas family's preferential shares in 2007. For ordinary shares Iberdrola Renovables is offering EUR 16. The success of its bid now hangs largely on the regulator's verdict.

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