CITIZEN POWER ALLIANCE

Iberdrola Renovables says just under 74% of minority shareholders voted in favour of the fusion at a general meeting in Valencia.

Iberdrola already controls 80% of Iberdrola Renovables shares and the reincorporation plan has not been without controversy, with several significant minority investors complaining about the offer price and claiming that their rights have been impinged.

Under Spanish corporate law the operation is classified as a merger and Iberdrola is allowed to vote with its 80% stake, overriding minority shareholders.

Some minority investors also questioned the wisdom of de-listing Renovables in the aftermath of the Fukushima nuclear disaster, claiming that the company’s sluggish share price is likely to recover strongly in the medium term.

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