ACS Loses $918 Million on Forced Iberdrola Sale, Economista Says

April 18 (Bloomberg) -- 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, 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.

Click here for web link

Link to Company News:{ACS SM <Equity> CN <GO>} Link to Company News:{IBE SM <Equity> CN <GO>}

To contact the editor responsible for this story: Ben Sills at bsills@bloomberg.net