MADRID, Mar. 28, 2008 (Thomson Financial delivered by Newstex) -- Iberdrola SA (OOTC:IBDSF) (OOTC:IBDRY) has offered the New York State remedies in order to close the Energy East (NYSE:EAS) purchase as scheduled in June, Cinco Dias reported, citing unnamed sources close to the process.
Iberdrola has offered to sell Energy East's non-wind assets, to construct renewable energy plants in NY and has agreed to be limited to one gas-powered plant in the New York State town of Russell, the newspaper said.
The Basque utility has also agreed to sell regulated assets worth around 200 mln usd, Cinco Dias added.
The utility's acquisition of Energy East has reportedly been put on hold on concerns about a possible carve-up of Iberdrola's assets in the event of a takeover bid.
The utility is speculated to be in the sights of EDF, perhaps in a joint offensive with core shareholder ACS.
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