Spanish utility Iberdrola SA(IBE.MC) said on Tuesday it would improve its share offer for its renewables unit, Iberdrola Renovables SA (IBR.MC), which would pay a special dividend before being absorbed by its parent. Both companies said in regulatory filings that their boards formally approved the merger and that the process would begin with Renovables paying a special dividend of 1.20 euros per share. After the dividend payment, Iberdrola will swap 0.30275322 of its own shares for each Renovables share, up from an initial offer of 0.30041856 shares.
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