ACS reduces its stake in Iberdrola
By Helen Wright23 April 2012
Spanish contractor Actividades de Construcción y Servicios (ACS) has sold a 3.7% slice of its holding in utility company Iberdrola for €800 million.
ACS, which is left with a 14.9% stake in Iberdrola, said it would use the proceeds of the deal to reduce its debt. It added that it remained "a loyal and stable long-term partner" of the utility.
Iberdrola contributed €249 million to ACS's group profits in 2010, and the contractor said that downsizing its holding in the company would hit its 2012 earnings by €540 million. It said it would compensate for this reduction with the sale of further non-core and non-strategic assets during the year.