Iberdrola angers investors over share sale plan

Iberdrola, Spain’s largest power utility, has come under fire from international investors over a plan to force minority shareholders in its wind power subsidiary to sell back shares at almost half the price they bought them for.

Large investors in Iberdrola’s €12.9bn ($18.1bn) Renovables division, including BlackRock and Generation Investment Management, have written letters to the Spanish company to complain about its move to buy back the 20 per cent of the subsidiary held by outside shareholders.