(Reuters) – Spanish power company Iberdrola (IBE.MC) denied on Tuesday that it was looking into acquiring Germany’s biggest utility, RWE (RWEG.DE), in a deal worth 31 billion euros ($34.12 billion) as earlier reported by local media.
Citing sources familiar with the matter, Spanish newspaper Okdiario said Iberdrola was working with JPMorgan to “analyse the possibility” of acquiring RWE and the “advantages and disadvantages of the operation”.
Asked by Reuters about a potential acquisition, a spokesperson for Iberdrola denied it.
The deal, according to Okdiario, would take Iberdrola’s renewable energy business to new heights.
The Spanish company is a leader in renewable power in Europe, which has embarked on a plan to reduce its reliance on fossil fuels and cut energy dependence on Russia.
Iberdrola has invested more than 10 billion euros in renewables and networks in the past 12 months and it plans to invest more through 2025, with a focus on electricity networks and renewable energy production.
RWE shares rose 1.67% on Tuesday.
($1 = 0.9084 euros)
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