It is a day for history at Iberdrola. The electric company with headquarters in the Basque Country and international dimension closes the merger with Scottish Power with the union of its shareholders. In record time. And if not, ask any of Endesa's shareholders. The British have hardly had to wait six months to erase the uncertainty about their titles.
Today Iberdrola-Scottish Power is born, which still does not have a new name, although in the sector it already has the label of queen of wind energy, where both companies have played a very active role in recent years. Especially in the US, where they had to go through competition proceedings due to their strong presence in that market.
In total, 245.2 million new shares will be listed today, representing 21.4% of the new share capital of the company resulting from the aforementioned increase, which amounts to a total of 1,146 million shares. With these figures, its market capitalization rises above 42,500 million euros.
This purchase involves a payment in cash and shares valued at 17,100 million euros. Approximately 52%, through the delivery of an amount in cash or obligations (or a mix of money and titles); and around 48% remaining through the delivery of company shares). To absorb Scottish, Iberdrola has had to carry out the largest capital increase in its history.
Iberdrola carries out a capital increase of 8,625 million euros to give entry to the new shareholders from the capital of Scottish. Later on, towards the end of the month, the electric company plans to carry out a split of four new shares for every 1 old title. The group chaired by Ignacio Sánchez Galán will practically equal the 42,500 million euros that Endesa is worth at current prices, but its stock market weight will be much greater. Endesa has 40% of the shares considered to be captive capital and has significantly lost its weighting within the Ibex 35.