Qatar sovereign wealth fund wants to raise stake in Iberdrola past 10%

Qatar's sovereign wealth fund has told authorities in Madrid that it wishes to raise its stake in Iberdrola past 10%.

According to Spanish financial daily Expansión, which cited multiple sources from the energy sector, the move by Qatar was in response to those from regional rival Abu Dhabi within the same sector in Europe.

At present, the Qatar Investment Authority held a stake of 8.7% in Iberdrola.

Analysts at Banco Sabadell said that Friday's news had been a source of speculation since the start of the month.

Hence, in their opinion "it wouldn't come as a surprise, if confirmed".