Avangrid falls on report parent company nearing $2.6 bln deal to buy remaining stake

Avangrid

17/05/2024 15:02

** Shares of utility firm Avangrid  AGR.N  fall 5.3% to
$35.54 in morning trade
    ** Reuters reports that parent company Iberdrola  IBE.MC  is
nearing a deal to buy remaining 18.4% stake in AGR for $2.6
billion
    ** IBE to pay $35.75 per share for each AGR share it does
not already own - report
    ** Share price offered represents a 4.7% discount to stock's
last close 
    ** IBE had launched a bid to acquire AGR for $2.49 billion,
or $34.25 per share, in March
    ** Including session's move, AGR stock up 15.8% YTD

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))