Scottish Power backs Spanish bid

Scottish Power has backed a £11.6bn ($22.5bn; 17.1bn euro) takeover offer from Spain's second largest electricity company Iberdrola.
Earlier this month Iberdrola confirmed it was in talks with the utility group as it searched for investment targets.
The tie-up will create Europe's third largest utility. Scottish Power has more than 5.2 million UK customers.
The deal values each Scottish Power share at 777p. In 2005, it rejected a 570p a share bid from Germany's E.On.
Spanish companies have been snapping up UK firms over the past year, the most recent being Ferrovial's purchase of airports operator BAA in June.
Earlier in the year mobile phone firm O2 was taken over by Telefonica, while Abbey was snapped up by Santander.
The offer values each Scottish Power share at 777p. Under the deal investors will get 400p a share cash as well as 0.1646 of a new Iberdrola share.
Iberdrola said the tie-up was "strategically attractive, creating create a leading European integrated utilities group with a broad geographical presence and a strong platform for future growth".
The offer could trigger rival bids from French utility EDF and German rival RWE, who have been watching the situation.