ACCIONA’s shareholders today authorized in an Extraordinary Meeting the sale of shares of Corporación ACCIONA Energías Renovables (ACCIONA Energía), through an initial public offering.
The company’s Shareholders Meeting has authorized ACCIONA’s Board of Directors to carry out the flotation process “whenever it deems appropriate”, adopting the necessary decisions “including (…) fixing the size of the potential offer and the price (…) of the ACCIONA Energía shares”.
The free float will be at least 25% of the capital of the new listed company, “subject to market conditions and other relevant considerations”. The intention of the Board of Directors is to maintain a stake of around 70% of ACCIONA Energía after the transaction.
The resolution adopted today complies with Article 160 of the revised text of the Spanish Corporate Enterprises Act, which establishes that the Shareholders’ Meeting is responsible for deliberating and agreeing, among other things, on the acquisition, disposal or contribution of essential assets to another company.
ACCIONA announced last February its intentions to float its energy division on the stock market in order to give greater visibility to its strategic business lines, reduce its capital costs and strengthen its balance sheet.