According to local press reports, a Bilbao court ruled on 27 January that Iberdrola was within its rights to remove a representative from its board who had been nominated by ACS and accepted by a shareholder meeting last year, on the grounds that ACS is a direct competitor with Iberdrola in its power engineering and renewables busisnesses.
ACS, led by Madrid based businessman and Real Madrid football club president Florentino Pérez, has built up a shareholding of up to 20% in Iberdrola and has been trying to appoint representatives to the company’s board for over a year.
ACS
