Spain to sell over $1 bln in industrial holdings

SEPI said it aims to sell stakes in the new parent of airline Iberia, in power grid operator REE and food company Ebro, worth over 850 million euros

Spain to sell over $1 bln in industrial holdings

The Spanish government's state investment holding company SEPI said on Friday it aims to sell stakes in the new parent of airline Iberia, in power grid operator REE and food company Ebro, which together could be worth over 850 million euros ($1.2 billion) according to current share prices.

The stakes were earmarked for sale in Spain's 2011 budget and are among a string of assets which the government could sell to reduce its funding requirements, including real estate and Spain's airports authority.

SEPI said on Friday it was seeking authorisation to sell 2.71 percent of IAG -- the new airline holding company resulting from the merger of British Airways and Iberia, with the stake worth about 150 million euros at prevailing market prices.

SEPI said in a statement it was also seeking permission to to sell a 10 percent stake in power grid operator REE, worth about 500 million euros, and 8.65 percent of food company Ebro Foods, worth about 206 million euros currently. ($1=.7296 euros)

Reuters

Last Mod: 31 Ocak 2011, 15:26
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