Iberdrola has launched a bid to acquire the remaining 16.2% of Neoenergia, a Brazilian electricity company, in order to own 100% of the company. The offer is set at 32.5 reais ($6.01) per share, with a total expected disbursement of around €1.03 million. This move is part of Iberdrola’s strategy to strengthen its presence in Brazil and focus on electricity grids, which make up 90% of Neoenergia’s business. Neoenergia is a leading distributor in Brazil, serving nearly 40 million people across multiple states with its 725,000km of distribution lines and 8,000km of transmission lines, along with 3,800MW of renewable generation capacity. Iberdrola manages extensive electricity transmission and distribution networks globally, including in the US, the UK, Brazil, and Spain.

Read more at Yahoo Finance: Iberdrola submits takeover bid for full ownership of Brazil’s Neoenergia