Avangrid soars after Iberdrola proposal to acquire remaining stake

Avangrid

07/03/2024 14:52

(Updates)
    ** Shares of renewable energy firm Avangrid  AGR.N  jump
12.3% to a seven-month high of $36.04
    ** Iberdrola SA  IBE.MC  launches bid to acquire the
remaining 18.4% stake in AGR for about $2.49 billion
    ** Proposed deal purchase price 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
    ** Including session's gains, AGR stock has gained 10.9% YTD

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