REE sell-off approved

The Spanish government has authorized the sale of shares in the national grid management company Red Electrica de Espana (REE). The move will result in the private sector owning 75 per cent of REE.

The approval will allow the government holding company Sepi, which holds 60 per cent of REE, to put between 31.5 and 35 per cent of the company on the market. It is estimated that the sale will generate around $511m for the Spanish government.

Of the shares to be sold, Sepi will reserve 40 per cent for minority shareholders and REE employees; a further 25 per cent will be earmarked for Spanish institutional investors.