Iberdrola Fortress building

Iberdrola is flirting with what looks like a scorched earth defence. Instead of focussing on financial arguments in the wake of a possible E80bn or more bid by Électricité de France, the Spanish utility is engaging in political and regulatory manoeuvring. If it continues like this much longer, it risks losing the support of its shareholders. Iberdrola has attempted to muddy the waters in two ways. First, it has tried to limit the voting rights of ACS, a Spanish construction company which is EDF...