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The transaction will create a European player with an enterprise value of €64 billion.

Under the terms of the transaction, ScottishPower shareholders will receive 400 pence per share in cash and 365 pence per share in new Iberdrola shares. In addition, they will receive an extraordinary dividend of 12 pence per share The new group will have installed capacity of 36,600MW, of which over 6,000MW will be renewable, and its electrical supply points will total 21.4 million. The Board of Directors of ScottishPower considers the terms of the takeover bid fair and reasonable and intends to recommend it unanimously to its shareholders.
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