IBDRY Iberdrola SA (PK)

1234 GMT - Iberdrola is among the most mentioned companies across news items over the past six hours, according to Factiva data. The Spanish energy company said its majority-owned U.S. renewables subsidiary Avangrid ended an agreement to merge with PNM Resources, a $4.3 billion deal that was reached in October 2020 but that was held back by regulatory issues. Avangrid said it terminated the deal because all final regulatory approvals weren't received by a Dec. 31 deadline, with no clear timing on the resolution of a court review of New Mexico Public Regulation Commission's decision to reject the merger. PNM said its board of directors approved an extension which wasn't accepted by Avangrid, and that it was disappointed with the decision. The termination of the deal means both companies will need to revisit their future plans. Avangrid said it intends to continue to focus on its robust growth opportunities, and that it secured more than $9 billion in incremental capital projects organically while it waited for the merger to be completed. PNM said its strategic plans remain focused on the infrastructure investments necessary to meet the future energy needs of its customers and communities. Dow Jones & Co. owns Factiva. (adria.calatayud@dowjones.com)

(END) Dow Jones Newswires

January 02, 2024 07:49 ET (12:49 GMT)

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