Energy East conditions after 1st ruling–source
A ruling by regulators expected on Wednesday on the planned acquisition of U.S. company Energy East by Spain’s Iberdrola will not include details of any eventual conditions on the deal, a source close to the Spanish utility said Wednesday.
“The most that can be expected today is a short statement saying whether the deal has been approved unconditionally, with conditions or rejected outright,” the source said.
“If the deal is approved with conditions, these won’t be released until later in the week,” the source added.
Four members of the New York Public Services Commission are due to meet at 1430 GMT to discuss and possibly rule on Iberbdrola’s planned $8.6 billion acquisition of Energy East and its debt.
The Spanish company needs a majority of three votes in favour of its acquisition for the deal to go ahead.
Iberdrola has said it will abandon its purchase if any restrictions are placed on its plans to develop Energy East’s wind power assets.
(Reporting by Jonathan Gleave; Editing by Sue Thomas)
3 September 2008
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