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Merger possible for company in bid to take over RG&E parent
|For at least the second time since Iberdrola SA launched a takeover bid for the parent of Rochester Gas and Electric Corp., the Spanish utility is the subject of merger talks in Europe.|
Shares of Iberdrola rose the most in five months Monday after published reports said a major shareholder in Gas Natural sees no alternative to a combination of the two Spanish companies.
Iberdrola's stock climbed 7.8 percent to close at 9.3 euros in Madrid trading. At that price the company, based in Bilbao, Spain, is valued at $72.5 billion.
Iberdrola is in the process of trying to buy Energy East Corp. for $4.5 billion. Energy East owns RG&E and New York State Electric and Gas Corp., which between them provide electricity and natural gas to much of upstate. The deal is pending before the state Public Service Commission.
One of the concerns raised about the deal is that New Yorkers might not know exactly who is buying their local utilities. Iberdrola earlier this year was rumored to be a takeover target of Electricite de France SA.
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