Iberdrola, the Spanish energy company, has expressed interest in acquiring the British electricity network, Electricity North West (ENWL). The announcement was made by the company’s CEO, Ignacio Sánchez Galán, during a call with analysts and investors to discuss Iberdrola’s second-quarter results.
Galán conveyed his enthusiasm for the potential acquisition, stating, "Of course, the company is interesting for us. I believe we will make a reasonable offer." This comes after reports earlier this month suggested that Iberdrola was preparing a binding offer for the British firm.
With a strong financial position after recently selling some assets in Mexico and abandoning plans to purchase the U.S. energy firm PNM Resources, Iberdrola is well-positioned for this move. The acquisition of ENWL would not only enhance Iberdrola’s existing operations through its Scottish Power business but also align with the company’s broader strategic shift towards network businesses.
Overall, this potential acquisition signals Iberdrola’s intent to strengthen its foothold in the UK energy market while enhancing its capabilities in the network sector.
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