IBERDROLA, S.A. ("IBERDROLA") and FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A. ("FCC"), through the subsidiary ASESORÍA FINANCIERA Y DE GESTIÓN, S.A. (AFIGESA), have today agreed to the acquisition by the latter of the stake held by IBERDROLA in CEMENTOS PORTLAND VALDERRIVAS, S.A. ("CPV"), equivalent to 8.06% of its share capital, for a price of ONE HUNDRED FIFTY MILLION THREE HUNDRED EIGHT THOUSAND SIX HUNDRED FOUR EUROS (150,308,604 EUR) i.e. SIXTY-SEVEN (67 EUR) per CPV share.

Iberdrola will step down immediately as a member of the Board of Directors and Executive Committee of CPV.

With this operation, FCC will control 66.82% of Cementos Pórtland Valderrivas, Spain's leading cement company.

The cement Group has nine cement factories, six of which are in Spain: El Alto (Madrid), Olazagutía (Navarra), Hontoria (Palencia), Alcalá de Guadaira (Sevilla), Mataporquera (Cantabria) and Lemona (Vizcaya).

It has three factories in the United States in Maine, Pennsylvania and South Carolina. In addition, it is present throughout the sector's entire industrial cycle, with 130 concrete factories, 46 aggregate quarries, eight dry mortar plants, two industrial waste treatment plants, eight terrestrial terminals and eight maritime terminals.

In 2004, it sold 10.2 million tons of cement.

The company reported earnings of 881 million euros in 2004 with net profits of 116.1 million euros.