Iberdrola Bids for Greek Renewables Firm

Iberdrola Renewables has issued a tender offer for the outstanding equity in Greek wind power company the Rokas Group.

Ibedrola Renewables already holds 52.7% of the ordinary shares and 47.3% of the Rokas Group’s preferred stock and is offering €16 [US $25] per ordinary share and €11 [US $17] per preferred share for the stock it does not already own, representing premiums of 23% and 33%, respectively.

The buyout is valued at approximately €175 million [US $276 million] in cash. Authorization from the Greek stock market regulator is expected by the end of this month while the acceptance period is likely to extend until mid-September

The transaction will consolidate Iberdrola’s holdings in the Greek market bringing its total installed capacity to 217 megawatts (MW) from the 124 MW at present.

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