Iberdrola shares up 2.45% after sale of factories in Mexico

The Spanish stock market rose 0.78% this Wednesday, supported by the energy sector and some excellent readings on a day when macro data points to an economic recovery thanks to the pull of the services sector.

On a larger scale, Iberdrola rose 2.45% after announcing on Tuesday that it would be sold to the Mexican federal government. 13 power plants.

Actions telephone rose 2.23% and BBVA rose 1.16%, while Repsol won 0.68% and Inditex, 0.65%. In contrast, Banco Santander deducted 0.81%.

On Tuesday, it announced the purchase of 13 plants in Mexico from Iberdrola, which are planned to operate Federal Electricity Commissionwill help the state-owned company produce 65% of electricity at the end of his reign, the president said at a morning press conference.

“That’s why I talked about nationalization,” the president said. Andres Manuel Lopez Obrador during his conference morning on Wednesday, a day after the purchase was announced via a video in which he called the operation a “new nationalization”.

Mexico nationalized the electrical industry in 1960 and an oil company in 1938. This last date is celebrated every year as a symbol of national sovereignty.

López Obrador said the agreement with iberdrola This will increase CFE’s electricity generation to almost 56% of the country’s total generation from about 40%.

The President faced others energy companies in his more than four years in office, he has pushed some power stations off the national grid and has faced a dispute over his energy policy with the United States and Canada, their partners in the TMEC trade agreement.

According to EFE and Reuters

Source: Aristegui Noticias

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