MADRID (AFP) — New York regulators have approved a 3.4-billion-euro (4.9-billion-dollar) takeover by Spanish energy firm Iberdrola of US power group Energy East with conditions, Iberdrola said Thursday.
New York's Public Service Commission reached the decision on Wednesday but they have set a series of conditions which Iberdrola needs to analyse before deciding whether to proceed with the acquisition, the company said.
"When we have received the conditions, we will make an official evaluation and will decide if we accept or refuse them," an Iberdrola spokeswoman told AFP.
Regulators in Connecticut, Maine and Massachusetts, where Energey East also owns power companies, have already approved the takoevoer.
Iberdrola, the world leader in wind power, announced in June 2007 that it wanted to buy Energy East. It would be the company's second major operation abroad after it bought Britain's Scottish Power at the end of 2006 for over 17 billion euros.
Energy East, which is listed on the New York Stock Exchange, has 1.8 million electricity and 900,000 natural gas customers.
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