Iberdrola Said to Bid $3.4 Billion to Raise Neoenergia Stake

Iberdrola SA offered about 6 billion reais ($3.42 billion) to raise its stake in Neoenergia SA, a Brazilian power company, to 75 percent from 39 percent, said a person close to the deal.

The Spanish electricity utility, based in Bilbao, expects the bid will help conclude talks with state-controlled Banco do Brasil SA and Previ, the sellers, said the person, who asked not to be identified because the discussions are private.