Tuesday, April 10, 2007
The Spanish Armada
Barely a fortnight ago shareholders of ScottishPower rubberstamped the Scottish company`s takeover bid by the Spanish power company Iberdrola. ScottishPower joined the veritable list of British businesses now under Spanish control. Banco Santander took over Abbey National in 2004, 02 the mobile phone company is now owned by the Spanish telecom company Telefonica while the biggest scalp is arguably the takeover of BAA (British Aiports Authority) last year by Ferrovial.
None of these takeovers however evoked more emotions than this latest one. Once the European Union okayed the bid i knew Iberdrola had the deal in the bag. Convincing the shareholders as to the benefits of the bid was never going to be a hard task. When people stand to make immediate gains any other considerations or values tend to take second place. What was on offer was too tempting for the majority of the shareholders.So the overwhelming majority voted in favour. Just as expected i must say.
One wonders what next for the Spanish marauders.