The ScottishPower board has received a formal offer from Iberdrola and, pursuant to its fiduciary duties, has met to consider this offer and unanimously recommends shareholders vote in favour of the offer at the shareholder meetings to be convened in due course to approve the offer. The combination of the two businesses will enable ScottishPower to compete on a global scale in an increasingly competitive environment and the terms offered by Iberdrola provide an attractive price for ScottishPower shareholders and allow those shareholders the opportunity to maintain an interest in the enlarged group.

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