Rule 8.3- Iberdrola SA

Banco Santander Central Hispano SA
12 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)                        BANCO SANTANDER CENTRAL
                                                       HISPANO, S.A.

Company dealt in                                       IBERDROLA

Class of relevant security to which the dealings being ORDINARY
disclosed relate (Note 2)

Date of dealing                                        08/03/2007


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)         12,231,440.................1.357%
Relevant
securities
(2)         22,108,767.................2.452%   40,806,117.............4.526%
Derivatives
(other than
options)
(3) Options 4,910,336..................0.545%     6,682,862............0.741%
and
agreements
to purchase
/sell
    Total   39,250,543.................4.354%    47,488,979............5.268%


(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)
                                                        Euro
  Purchase                                 20,500                        33.00
  Purchase                                  6,000                        32.93
  Purchase                                  5,000                        33.14
  Purchase                                 84,000                        33.16
  Purchase                                 75,000                        33.00
  Purchase                                 18,569                        33.16
  Purchase                                 50,000                        32.69
  Purchase                                 30,000                        33.00
  Purchase                                  5,000                        32.85
  Purchase                                  3,000                        32.87
  Purchase                                  7,002                        32.90
  Purchase                                  3,000                        32.95
  Purchase                                  2,000                        33.09
  Purchase                                  2,000                        33.10
  Purchase                                    100                        32.98
  Disposal                                  6,135                        32.62
  Disposal                                  5,000                        32.75
  Disposal                                  5,000                        32.80
  Disposal                                 16,000                        32.87
  Disposal                                  3,000                        32.88
  Disposal                                  5,000                        32.94
  Disposal                                  5,500                        32.95
  Disposal                                  2,845                        33.02
  Disposal                                  2,155                        33.00
  Disposal                                  1,418                        33.10
  Disposal                                  3,582                        33.08
  Disposal                                  1,936                        33.11
  Disposal                                  8,500                        33.03
  Disposal                                  2,500                        33.06
  Disposal                                  5,800                        33.13
  Disposal                                  7,000                        33.20
  Disposal                                  6,190                        32.80
  Disposal                                 10,000                        32.95
  Disposal                                 10,000                        32.70
  Disposal                                  2,000                        32.76
  Disposal                                  6,000                        32.77
  Disposal                                  3,000                        32.79
  Disposal                                     99                        33.04
  Disposal                                  2,901                        33.09
  Disposal                                    100                        32.98
  Disposal                                 50,000                        33.05





(b)               Derivatives transactions (other than options)

Product name, Long/short (Note Number of securities     Price per unit (Note 5)
              6)               (Note 7)                 Euro
e.g. CFD
Future
31/03/2007    long                                100                    32.67
Future
31/03/2007    long                                100                    32.72
Future
31/03/2007    long                              2,600                    32.90
Future
31/03/2007    long                              2,500                    33.01
Future
31/03/2007    long                                200                    33.11
Future
31/03/2007    long                                500                    33.17
Future
30/06/2007    long                             10,000                    32.94
Future
31/03/2007    long                             50,000                    33.02
Future
31/03/2007    short                            10,000                    32.63
Future
31/03/2007    short                               100                    32.70
Future
30/06/2007    short                               500                    32.93
Future
30/06/2007    short                               100                    32.98
Future
30/06/2007    short                               100                    33.01
Future
30/06/2007    short                               600                    33.04
Future
30/06/2007    short                               100                    33.31
Future
30/06/2007    short                            40,000                    33.33
Future
30/06/2007    short                            10,000                    33.34
Warrant call
34 12/07      short                            46,000                     0.65
Warrant call
34 12/07      long                             46,000                     0.65
Warrant call
34 12/07      short                            30,000                     0.64
Warrant call
34 12/07      long                             30,000                     0.64
Warrant call
34 12/07      long                             50,000                     0.45
Warrant call
35 09/07      long                             30,000                     0.45
Warrant call  long                             50,000                     0.45
35
09/07
Warrant call  long                             25,000                     0.47
35
09/07
Warrant call  short                            50,000                     0.47
35
09/07
Warrant call  short                            50,000                     0.47
35
09/07
Warrant call  long                             50,000                     0.48
35
09/07
Warrant call  long                             50,000                     0.48
35
09/07
Warrant call
36 06/07      short                             6,500                     0.23
Warrant call
36 06/07      short                            15,000                     0.22
Warrant call
36 06/07      long                              2,200                     0.22


(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

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




(ii) Exercising

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



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

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





4. OTHER INFORMATION


Agreements, arrangements or understandings relating to options or derivatives


NONE



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.




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


Date of disclosure                                           08/03/2007

Contact name                                                 JOSE MANUEL ARALUCE

Telephone number                                             (34) 91-289 3392

If a connected EFM, name of offeree/offeror with which
connected

If a connected EFM, state nature of 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 securities to    Exercise   Type, e.g.     Expiry
name,   or        which the option or        price      American,      date
        purchased derivative relates         (Note 2)   European etc.
e.g.                                         Euro
call
option
CALL    Written                    305,000         33   european       31-Mar-07
OPTION
CALL    Written                    235,000         30   european       31-Mar-07
OPTION
CALL    Written                      5,000         32   european       31-Mar-07
OPTION
CALL    purchase                   210,000         34   european       31-Mar-07
OPTION
CALL    Written                     10,000         35   european       31-Mar-07
OPTION
CALL    purchase                    20,000         36   european       31-Mar-07
OPTION
CALL    Written                     10,000         35   european       30-Jun-07
OPTION
CALL    Written                      5,000         36   european       30-Jun-07
OPTION
CALL    Written                    130,000         37   european       30-Jun-07
OPTION
CALL    Written                  2,110,000         38   european       30-Jun-07
OPTION
CALL    Written                     30,000         31   european       30-Sep-07
OPTION
CALL    Written                    500,000         33   european       31-Dec-07
OPTION
CALL    purchase                   250,000         22   european       31-Dec-08
OPTION
CALL    purchase                   500,000         39   european       31-Dec-08
OPTION
CALL    purchase                       100         33   european       31-Mar-07
OPTION
CALL    Written                        300         36   european       31-Mar-07
OPTION
CALL    purchase                     9,000         35   european       31-Dec-07
OPTION
CALL    purchase                   200,000         21   european       30-Jun-08
OPTION
CALL    Written                    250,000         22   european       31-Dec-08
OPTION
CALL    Written                    300,000         34   european       16-Mar-07
OPTION
CALL    purchase                   500,000       33.5   european       16-Mar-07
OPTION
CALL    Written                    300,000         23   european       21-Dec-07
OPTION
CALL    Written                     11,456      32.57   european       17-Jan-08
OPTION
CALL    Written                     22,975      34.82   european       20-Aug-08
OPTION
CALL    purchase                    22,975    38.6502   european       20-Aug-08
OPTION
CALL    Written                      8,563      34.96   european       26-Feb-09
OPTION
CALL    Written                    820,868      27.41   european       01-Apr-09
OPTION
CALL    purchase                    87,613      20.17   european       29-Apr-08
OPTION
PUT     Written                    300,000         34   european       16-Mar-07
OPTION
PUT     purchase                     8,961      33.48   european       20-Mar-07
OPTION
PUT     purchase                    19,929    27.5975   european       11-Sep-07
OPTION
PUT     Written                    250,000         22   european       20-Jun-08
OPTION
PUT     Written                     59,648      24.98   european       12-Jun-09
OPTION
PUT     purchase                   160,810     18.242   european       25-Jun-09
OPTION
PUT     Written                    200,000      32.04   european       23-Mar-07
OPTION
PUT     Written                    100,000         33   european       31-Mar-07
OPTION
PUT     Written                    251,000         32   european       31-Mar-07
OPTION
PUT     purchase                    30,000         34   european       31-Mar-07
OPTION
PUT     purchase                   500,000         32   european       30-Jun-07
OPTION
PUT     purchase                   300,000         33   european       30-Jun-07
OPTION
PUT     Written                    500,000         32   european       31-Dec-07
OPTION
PUT     Written                    750,000         33   european       31-Dec-07
OPTION
PUT     purchase                   250,000         22   european       31-Dec-08
OPTION
PUT     Written                     50,000         32   european       31-Mar-07
OPTION
PUT     purchase                   200,000         33   european       31-Mar-07
OPTION
PUT     Written                    200,000         22   european       30-Jun-07
OPTION
PUT     purchase                   150,000         33   european       30-Jun-07
OPTION
PUT     purchase                     9,000         31   european       31-Dec-07
OPTION
PUT     Written                    200,000         33   european       31-Dec-07
OPTION
PUT     Written                    250,000         22   european       31-Dec-08
OPTION

FUTURE  Written                    466,300                             31-mar-07
FUTURE  purchase                    10,000                             31-mar-07
FUTURE  Written                    158,600                             30-jun-07
FUTURE  purchase                 2,000,000                             18-may-07
FUTURE  purchase                   166,317                             19-nov-08
CFD     Selling                 23,995,272                             06-feb-08
CFD     Selling                    225.555                             08-jun-07

WARRANT purchase                 1,498,890         34   european       31-mar-07
CALL
WARRANT purchase                 1,500,000         37   european       31-mar-07
CALL
WARRANT purchase                 1,499,460         40   european       31-Dec-07
CALL
WARRANT purchase                 1,841,530         36   european       15-jun-07
CALL
WARRANT purchase                 1,900,862         38   european       15-jun-07
CALL
WARRANT purchase                 1,453,400         35   european       21-sep-07
CALL
WARRANT purchase                   739,218         37   european       21-sep-07
CALL
WARRANT purchase                 2,999,300         37   european       21-Dec-07
CALL
WARRANT purchase                 3,000,000         34   european       21-Dec-07
CALL
WARRANT purchase                   999,890         28   european       15-jun-07
CALL
WARRANT purchase                   999,900         26   european       16-mar-07
CALL
WARRANT Written                  1,500,000         24   european       31-mar-07
PUT
WARRANT purchase                 1,978,940         33   european       15-jun-07
PUT
WARRANT purchase                 1,998,700         36   european       15-jun-07
PUT
WARRANT purchase                 2,000,000         32   european       21-sep-07
PUT
WARRANT purchase                 1,989,000         34   european       21-sep-07
PUT
WARRANT purchase                 3,000,000         31   european       21-Dec-07
PUT
WARRANT purchase                 3,000,000         35   european       21-Dec-07
PUT
WARRANT purchase                   995,250         26   european       15-jun-07
PUT
WARRANT purchase                   998,500         24   european       16-mar-07
PUT



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








                      This information is provided by RNS
            The company news service from the London Stock Exchange