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18 March 2008 - French President Nicolas Sarkozy and Spanish Prime Minister Jose Luis Rodriguez Zapatero are trying to put together a deal whereby the French utility EDF would buy a 15 per cent to 18 per cent stake in the Spanish energy company Iberdrola, which owns ScottishPower, in exchange for control of some nuclear power plants in France.
The two leaders discussed the potential deal in Brussels, according to influential Spanish newspaper ABC.
ABC and other energy industry sources said that EDF would not bid for all of the Bilbao-based company and would not ultimately gain control of ScottishPower.
EDF would pay partly with assets, transferring to Iberdrola an unspecified number of French nuclear power plants that are connected to a new cable that crosses the common border, ABC said.
The plan would allow EDF, in which the French state has a controlling stake, to fulfil its ambition of getting into the lucrative Spanish power market and allow Iberdrola to add more nuclear energy to its portfolio. At the same time, the Spanish government would avoid the politically explosive issue of building any more nuclear plants at home.
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