no 90% ownership may not be reached... but the implications of...

no 90% ownership may not be reached... but the implications of the offer reaching 51% are very real... Iberdola have already mentioned their intention to delist if majority reached.

If IFN becomes unlisted... the information trail is greatly reduced, buy/sell/valuation each share will also become much more difficult.

Majority ownership would result in control of the board - control of investment process and also dividend policy

I say this not to scare, but to show that IFN under majority control may become a completely different beast.