Avangrid gains after proposal from Iberdrola to acquire remaining stake

Avangrid

07/03/2024 13:07

** Shares of renewable energy firm Avangrid  AGR.N  climb
12.1% to $35.97 premarket
    ** Iberdrola SA  IBE.MC  launches bid to acquire the
remaining 18.4% stake in AGR for about $2.49 billion
    ** Proposed purchase price of deal is $34.25 per share in
cash; representing a 6% premium to stock's last close
    ** IBE currently owns about 81.6% stake of AGR's issued and
outstanding shares of common stock - filing
    ** AGR stock has fallen 1% YTD

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