ACS Loses $918 Million on Forced Iberdrola Sale, Economista Says
Stock Chart for Iberdrola SA (IBE)
Actividades de Construccion y Servicios SA will book a loss of at least 700 million euros ($918 million) after its lenders forced it to sell 3.7 percent of Iberdrola SA (IBE), El Economista reported.
UBS AG and Societe Generale SA, the banks leading the bookbuilding, threatened to foreclose on loans to ACS unless the company reduced its stake in Spain’s biggest power company, the newspaper said, without saying how it obtained the information.
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