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Iberdrola Bids $3.5 Billion to Buy Back Renewables Unit

Iberdrola SA bid 2.5 billion euros ($3.5 billion) to buy out minority investors in its Renovables unit after they lost money since it took the world’s largest owner of wind parks public in 2007.

The Bilbao-based utility will pay 0.499 share for each in its publicly traded Iberdrola Renovables SA unit, a 10 percent premium to yesterday’s closing price, the parent company said today in a regulatory filing.