By Andrea Figueras

Iberdrola said it would take control of Brazil's Neoenergia after it bought additional shares for a total consideration of 5.83 billion Brazilian reals, or $1.14 billion.

The Spanish utility said late Thursday in a statement sent to the country's markets regulator that following the offer it would control 98% of the share capital of Neoenergia through the purchase of around 172.5 million additional shares.

An extraordinary general meeting for shareholders of Neoenergia will be called to resolve on the acquisition of 100% of the share capital and subsequent mandatory redemption of the shares not tendered into the offer.

In November, Iberdrola unveiled plans to reach full ownership of the Brazilian company. The Spanish group said at the time that the offer and potential delisting was aimed at simplifying Neoenergia's corporate and organizational structure.

Settlement of the offer is scheduled for April 24, Iberdrola said, adding that shareholders of Neoenergia who didn't tender their shares into the offer and wish to sell them may do so until May 11.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

April 10, 2026 01:43 ET (05:43 GMT)

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