Rule 8.3- Iberdrola SA

ACS Actividades De Const Y Servs SA
30 March 2007

                                                                        FORM 8.3

                                                                                

    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE 
                        (Rule 8.3 of the Takeover Code)                         

 

1. KEY INFORMATION                         

 
Name of person dealing (Note 1)         ACS ACTIVIDADES DE CONSTRUCCION Y 
                                        SERVICIOS, S.A.                    

Company dealt in                        IBERDROLA S.A.                  

Class of relevant security to which     EQUITY SHARE CAPITAL                  
the dealings being disclosed relate                       
(Note 2)                                                  

Date of dealing                         30 MARCH 2007                  

 

2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

 

(a) Interests and short positions (following dealing) in the class of relevant
security dealt in (Note 3)

 
                                              Long                  Short      
                                        Number         (%)     Number        (%) 

(1) Relevant securities                 90,154,918    10.000%                

(2) Derivatives (other than options)    27,046,475     3.000%                                            

(3) Options and agreements to                           
purchase/sell                                           

Total                                  117,201,393    13.0000%             

 

(b) Interests and short positions in relevant securities of the company, other
than the class dealt in (Note 3)

 
Class of relevant security:                   Long                  Short      
                                        Number         (%)     Number        (%) 

(1) Relevant securities                                  

(2) Derivatives (other than options)                                                 

(3) Options and agreements to                            
purchase/sell                                            

Total                                                    

 

(c) Rights to subscribe (Note 3)

 
Class of relevant security:            Details                          

                                                          

 

3. DEALINGS (Note 4)

 

(a) Purchases and sales

 
Purchase/sale       Number of securities        Price per unit (Note 5)             
                                                        

 

 

(b) Derivatives transactions (other than options)

 
Product              Long/short      Number of        Price per    
name, e.g.           (Note 6)        securities       unit (Note 5)
CFD                                  (Note 7)                            
                          
                                                        
EQUITY SWAP WITH     LONG            5,050,921        34.13€
PHYSICAL DELIVERY                                                        
OPTION                                       

(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

 
Product     Writing,      Number of    Exercise   Type,      Expiry  Option  
name,e.g.   selling,      securities   price      e.g.       date    money   
call        purchasing,   to which                American,          paid/   
option      varying       the option              European           received
            etc.          relates                 etc.               per unit
                          (Note 7)                                   (Note 5)
                                                                   

 

(ii) Exercising

 
Product name,           Number of         Exercise price per unit 
e.g. call option        securities        (Note 5)                

                                                        

 

(d) Other dealings (including new securities) (Note 4)

 
Nature of transaction   Details         Price per unit 
(Note 8)                                (if applicable)
                                        (Note 5)       
                                                       

 

4. OTHER INFORMATION

 

Agreements, arrangements or understandings relating to options or derivatives

 

Full details of any agreement, arrangement or understanding between the person
disclosing and any other person relating to the voting rights of any relevant
securities under any option referred to on this form or relating to the voting
rights or future acquisition or disposal of any relevant securities to which any
derivative referred to on this form is referenced. If none, this should be
stated.

 
NO VOTING RIGHT AGREEMENT AND PHYSICAL DELIVERY OPTION


 

..............................................................................

 

 

Is a Supplemental Form 8 attached? (Note 9)                 YES

 

 
Date of disclosure                                          30 MARCH 2007
                                                         
Contact name                                                ALEJANDRO MATA
                                                         
Telephone number                                            +34.91.343.95.12
                                                         
If a connected EFM, name of offeree                         NON APPLICABLE
/offeror with which connected                            

If a connected EFM, state nature of                         NON APPLICABLE
connection (Note 10)                                     

Notes

The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk

 

                                                             SUPPLEMENTAL FORM 8

 

                                                                                

                           DETAILS OF OPEN POSITIONS                            

   (This form should be attached to Form 8.1, Form 8.1(b)(ii) or Form 8.3,
                                  as appropriate)                                  
                                                                       
                                                                              

 

OPEN POSITIONS (Note 1)

 
Product            Written     Number of     Exercise   Type,         Expiry  
name,e.g.          or          securities    price      e.g.          date    
call               purchased   to which      (Note 2)   American,         
option                         the option               European          
                               or                       etc.              
                               derivative                             
                               relates                                
                                                           
                          
EQUITY SWAP        PURCHASED   5,050,921     34.13€      AMERICAN     13.12.2007
WITH PHYSICAL                                            (EQUITY SWAP
DELIVERY OPTION                                          CAN BE 
                                                         UNWOUND AT
                                                         ANYTIME) 

 

Notes

 

1. Where there are open option positions or open derivative positions (except
for CFDs), full details should be given. Full details of any existing agreements
to purchase or to sell should also be given on this form.

 

2. For all prices and other monetary amounts, the currency must be stated.

 

For details of the Code's dealing disclosure requirements, see Rule 8 and its
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk

 



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