The Chairman of IBERDROLA and ScottishPower, Ignacio Galán, today met Scottish First Minister, Alex Salmond, during one of the first public engagements of the new head of the Scottish Executive since being elected to his post this week. The meeting took place during Galan’s first visit to installations of the Scottish company.
The meeting was friendly, in line with the philosophy that has characterised the operation involving the two companies that was announced last November as a recommended transaction and successfully completed in April this year.
The operation, which is among the largest in Spanish corporate history, has been strongly endorsed by shareholders of both companies –99.5% at the IBERDROLA Shareholders Meeting and 97.6% at the ScottishPower EGM– as well as by the markets. Between 27 November 2006 and April 23 more than €4 billion in value was created.
Completion of the IBERDROLA-ScottishPower transaction, valued at €17.1 billion and announced in November 2006, is a milestone in the Company’s 100-year history. It creates a world electricity giant, leader in renewable energy and an enterprise value of more than €70 billion.
This communication does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities. The shares of Iberdrola S.A. may not be offered or sold in the United States except pursuant to an effective registration statement under the Securities Act or pursuant to a valid exemption from registration.