SCOTTISHPOWER’S Spanish owner, Iberdrola, has shelved the possible sale of a stake in part of the Glasgow-headquartered business after better-than-expected progress with its disposal programme.
In September, Iberdrola said it was looking at disposals across its global interests as it looked to reduce its debt pile by 2014.
The sale of a stake of up to 49 per cent in ScottishPower’s regulated distribution and transmission network was thought to be an option which could have raised between £1 billion and £1.5bn for the Spanish company.
But it is understood that significant progress made on the disposal of non-core assets means that a deal involving ScottishPower – led by chief corporate officer Keith Anderson – is no longer actively being looked at.
A number of infrastructure and pensions funds are thought to have expressed interest in buying part of the Scottish business.
A spokesman for ScottishPower said it did not comment on market speculation.
Earlier this month, Iberdrola said it was selling its French wind farm business to a consortium led by American industrial giant General Electric for £326.4 million. It is also thought to be close to announcing an agreement to sell a number of wind farms in Poland.
