Natixis agrees to give ACS a better debt deal

In exchange for higher financing costs, the French financial firm Natixis gave ACS a good deal when it offered to give up its right to execute Iberdrola shares valued at more than 1.2% of its capital should these shares drop below 4 euros per share.

The firm directed by Carlos Perello maintained the right to execute 79.911 billion shares of Iberdrola stock according to sources from Spain's stock market regulator, the Comisión Nacional del Mercado de Valores (CNMV). These shares are valued at some 277 million euros, but they form just 4.6% of the overall amount of shares under the group's umbrella.

The CEO of ACS, Florentino Pérez, has not seen many good days since last Tuesday. UBS and SG asked that he sell 3.69% of the capital he has invested in Iberdrola. This deal closed yesterday, led to major capital losses and stalled ACS's assault on Iberdrola for the time being.