ACCIONA has agreed to sell its stake in renewable energy company and takeover target Pacific Hydro to Industry Funds Management (IFM).
Acciona owns 15.7% of Pacific Hydro, bought from AEP Investments at $4.90 a share.
In a statement to the ASX this morning, Acciona has said it will now sell its Pacific Hydro shares to IFM.
Selling into IFM's $5.00 a share bid will allow Acciona to take a $2.4 million profit.
It will also give IFM a 50.8% stake in Pacific Hydro.
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