Iberdrola will remain a principal share holder in Gamesa with a 14% stake, and in a statement, Iberdrola said the sale will not affect its strategic agreements with Gamesa for the supply of wind turbines.

According to traders and analysts, the €16.10 per share price was at the bottom of the expected price range. They also speculate that Iberdrola’s decision to sell the stake is part of efforts to improve financing, Reuters wrote.

Gamesa saw the suspension of trading in its shares on the Spanish stock market on 2 June following the news from Iberdrola. Trading has since resumed.