Spanish Power Surge Energy: Acquisition Energy: Acquisition Is the Proposed Scottish Power Takeover a Sign of Confidence or a Defensive Move by a Foreign Firm Threatened by Merger?
Sunday Herald › December 06, 2006
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Summary
THE air conditioning system was working aggressively at the London offices of Scottish Power's financial advisers, Morgan Stanley. When Iberdrola's negotiating team arrived they found Susan Reilly, the Scottish utility's chief negotiator sitting with her jacket on. Was the deal off, they wondered?
Iberdrola's chief executive Ignacio Sanchez Galan says the negotiation was hard but fair. The final days had the teams working through the night sustained by a diet of coffee and pizza.See the full content of this document
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Spanish Power Surge Energy: Acquisition Energy: Acquisition Is the Proposed Scottish Power Takeover a Sign of Confidence or a Defensive Move by a Foreign Firm Threatened by Merger?
The language barrier extended the talks the Spanish side's English was better than the Scots' Spanish.
But on several occasions both sides needed to break off to consult about exactly what was on the table.And translations still had to be meticulously checked by lawyers.Reilly, Scottish Power's commercial director, Sheelagh Duffield, company secretary, and Stephen Dunn, director of human resources, believe they struck a good deal. But does the acquisition make sense and will it end up foundering on political rocks?The saga began in October when Ibe...See the full content of this document
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