This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6128676.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Spanish firm eyes Scottish Power Spanish firm eyes Scottish Power
(1 day later)
Spain's second largest electricity firm has made a takeover approach for Scottish Power, the BBC has learned.Spain's second largest electricity firm has made a takeover approach for Scottish Power, the BBC has learned.
Iberdrola - a proponent of creating a single European market in energy - is the bidder, BBC News Editor Robert Peston said. Iberdrola - a proponent of creating a single European market in energy - is the bidder, BBC News Business Editor Robert Peston said.
Earlier, Scottish Power confirmed it had received a bid approach but declined to name the potential suitor.Earlier, Scottish Power confirmed it had received a bid approach but declined to name the potential suitor.
Shares in the UK firm surged 18% to all -time highs on the news, before closing 58.5 pence, or 8.71%, higher at 730p.Shares in the UK firm surged 18% to all -time highs on the news, before closing 58.5 pence, or 8.71%, higher at 730p.
The latest increase in its share price means the firm is now valued at just under £10bn.The latest increase in its share price means the firm is now valued at just under £10bn.
Last year, Scottish Power rejected a bid approach of 570p a share from German utility E.ON.Last year, Scottish Power rejected a bid approach of 570p a share from German utility E.ON.
Spanish spreeSpanish spree
Spanish companies have recently been snapping up UK companies.Spanish companies have recently been snapping up UK companies.
The board of Scottish Power confirms that it has received an approach which may or may not lead to an offer being made Scottish Power See Scottish Power's sharesThe board of Scottish Power confirms that it has received an approach which may or may not lead to an offer being made Scottish Power See Scottish Power's shares
Ferrovial of Spain bought airports operator BAA in June, while mobile phone firm O2 was taken over by Telefonica and Abbey was snapped up by Spain's Santander.Ferrovial of Spain bought airports operator BAA in June, while mobile phone firm O2 was taken over by Telefonica and Abbey was snapped up by Spain's Santander.
Scottish Power, which supplies energy to 5.2 million UK customers, said it was not certain an offer would be received, but if one was made it would be considered.Scottish Power, which supplies energy to 5.2 million UK customers, said it was not certain an offer would be received, but if one was made it would be considered.
"The board of Scottish Power confirms that it has received an approach which may or may not lead to an offer being made," it said in a statement."The board of Scottish Power confirms that it has received an approach which may or may not lead to an offer being made," it said in a statement.
Scottish Power is made up of four divisions - Energy Retail, Energy Wholesale and Energy Networks in the UK and PPM Energy in the US.Scottish Power is made up of four divisions - Energy Retail, Energy Wholesale and Energy Networks in the UK and PPM Energy in the US.
It has electricity generation and gas storage facilities in the UK, US and western Canada.It has electricity generation and gas storage facilities in the UK, US and western Canada.
The company is also the UK's biggest generator and developer of wind energy.The company is also the UK's biggest generator and developer of wind energy.