Alphavalue/DIVACONS | Avangrid announced that the Maine Public Utilities Commission, the “Maine PUC”, granted the application for a waiver of approval requirements for a change in Avangrid’s ownership in connection with Iberdrola’s acquisition of the remaining 18.4% of the issued and outstanding shares of Avangrid common stock that it does not currently own.
In Maine, this transaction will simply revert to the 100% of Iberdrola’s previously authorised shareholding that it held following its acquisition of Avangrid’s predecessor in 2008.
Separately, a leading European bank raised Iberdrola’s Target Price to €13.40/share from €12.30/share and reiterated its Hold recommendation following the company’s commitment to data centres in Spain. Iberdrola shares rose 1.44% yesterday.
Iberdrola: Reduce, Target Price €12.3/share.
