Rule 8.1- Iberdrola SA

ACS Actividades De Const Y Servs SA
28 December 2006


                                                                        FORM 8.1

                                                                                

          DEALINGS BY OFFERORS, OFFEREE COMPANIES OR THEIR ASSOCIATES           

                  FOR THEMSELVES OR FOR DISCRETIONARY CLIENTS                   

                 Rules 8.1(a) and (b)(i) 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                       
the dealings being disclosed relate                       
(Note 2)                                                  


EQUITY SHARE CAPITAL


Date of dealing                                           


27 DECEMBER 2006


 

 

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)                      7,953,485   0.882%
                          

(3) Options and agreements to                           
purchase/sell                                           


Total                        98,108,403  10.882%


 

(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        Details                          
security:                                                 
                                                          

 

3. DEALINGS (Note 4)

 

(a) Purchases and sales

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

 



(b) Derivatives transactions (other than options)

 
Product      Long/short   Number of        Price per    
name, e.g.   (Note 6)     securities (Note unit (Note 5)
CFD                       7)                            
                                                        
                                                        
                                                        
EQUITY SWAP WITH
PHYSICAL DELIVERY
OPTION       LONG         7,953,485        33.19€


 

(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     securities        (Note 5)                
option                                                  
                                                        

 

(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                                   28 DECEMBER 2006
       
                                                            
Contact name                                         ALEJANDRO MATA

                                                            
Telephone number                                     +34.91.343.95.12

                                                            
Name of offeree/offeror with which                          
associated                                           NON APPLICABLE

                                                            
Specify category and nature of                              
associate status (Note 10)                           NON APPLICABLE

                                                            


Notes

The Notes on Form 8.1 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 or   Number of    Exercise   Type,       Expiry   
name,e.g.     purchased    securities   price      e.g.        date     
call                       to which     (Note 2)   American,          
option                     the option              European           
                           or                      etc.               
                           derivative                             
                           relates                                
                                                            
                                                            
                                                            
EQUITY SWAP
WITH PHYSICAL
DELIVERY OPTION  PURCHASED  7,953,485   €33.19     AMERICAN
                                                   (EQUITY SWAP
                                                   CAN BE
                                                   UNWOUND AT
                                                   ANYTIME)      13.12.2007

 

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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