425 filing

Filed by: Iberdrola, S.A.

Pursuant to Rule 425

under the Securities Act of 1933

and deemed filed pursuant to

Rule 14d-2 of the Securities

Exchange Act of 1934

Subject Company: Scottish Power plc

Exchange Act File Number: 001-14676

Date: December 4, 2006

IMPORTANT INFORMATION

This communication does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities or the solicitation of any vote or approval with respect to the proposed acquisition by Iberdrola S.A. of ScottishPower plc. (the “Acquisition”), nor shall there be any purchase, sale or exchange of securities or such solicitation in any jurisdiction in which such offer, solicitation or sale or exchange would be unlawful prior to the registration or qualification under the laws of such jurisdiction.

If and when Iberdrola S.A. commences the Acquisition for the ordinary shares of ScottishPower plc and the Acquisition is implemented by way of a scheme of arrangement under the U.K. Companies Act 1985, as amended (the “Scheme”), any securities of Iberdrola S.A. will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), but will be issued in reliance on the exemption provided by Section 3(a)(10) thereof, and ScottishPower plc will furnish the acquisition document to the SEC under cover of a Form 6-K. If and when Iberdrola S.A. determines to commence the Acquisition by way of a takeover offer under The City Code on Takeovers and Mergers of the United Kingdom (the “Offer”) rather than the Scheme, Iberdrola S.A. will, to the extent that the shares issued in connection with the proposed Acquisition are required to be registered in the United States, file a registration statement on Form F-4, which will include a prospectus, with the United States Securities and Exchange Commission (“SEC”). Investors are strongly advised to read the documents that will be made available to them, including the registration statement and prospectus, if and when available, and any other relevant documents made available to them and/or the SEC or other applicable regulatory authorities, as well as any amendments or supplements to those documents, because they will contain important information regarding Iberdrola S.A., ScottishPower plc, the Acquisition and any Offer. ScottishPower plc shareholders should also read the related solicitation/recommendation statement on Schedule 14D-9 that may be filed with the SEC by ScottishPower plc relating to the Acquisition. If and when filed, investors may obtain free copies of the registration statement, the prospectus as well as other relevant documents filed with the SEC, at the SEC’s web site at www.sec.gov and will receive information at an appropriate time on how to obtain these transaction-related documents for free from the parties involved or a duly appointed agent.

The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, the companies involved in the proposed Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person.

The shares to be issued in connection with the proposed Acquisition may not be offered or sold in the United States except pursuant to an effective registration statement under the Securities Act or pursuant to a valid exemption from registration.

 

1

04 December 2006

FORM 8.1

DEALINGS BY OFFERORS, OFFEREE COMPANIES OR THEIR ASSOCIATES

FOR THEMSELVES OR FOR DISCRETIONARY CLIENTS

(Rules 8.1(a) and (b)(i) of the Takeover Code)

 

1. KEY INFORMATION

 

Name of person dealing (Note 1)    Iberdrola, S.A.
Company dealt in    Iberdrola, S.A.
Class of relevant security to which the dealings being disclosed relate (Note 2)    Ordinary shares of €3.00 each
Date of dealing    01 December 2006

 

2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

 

  (a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)

 

     Long
Number		    (%)     Short
Number		    (%)

(1) Relevant securities

    1,152,984    (0.13 )%     

(2) Derivatives (other than options)

    436,377    (0.05 )%     

(3) Options and agreements to purchase/sell

    1,589,462    (0.18 )%     

Total

    3,178,823    (0.36 )%     

 

  (b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)

 

Class of relevant security:

   

Long
Number

   

(%)

   

Short
Number

    (%)

(1) Relevant securities

            

(2) Derivatives (other than options)

            

(3) Options and agreements to purchase/sell

            

Total

            

(c)

   

Rights to subscribe (Note 3)

            
  

Class of relevant security:

   

Details              

         

3. DEALINGS (Note 4)

 

  (a) Purchases and sales

 

Purchase/sale

    Number
of securities		    Price per unit (Note 5)
Purchase      
   2,000    32.68 EUR
   5,000    32.79 EUR
   7,000    32.82 EUR
   1,202    32.83 EUR
   1,000    32.84 EUR
   10,000    32.85 EUR
   11,000    32.86 EUR
   4,000    32.87 EUR
   4,000    32.89 EUR
   4,000    32.90 EUR
   9,983    32.91 EUR
   18,503    32.92 EUR
   8,905    32.93 EUR
   11,514    32.94 EUR
   8,817    32.95 EUR
   17,000    32.96 EUR
   16,798    32.97 EUR
   148,945    32.98 EUR
   4,000    32.99 EUR
   1,278    33,00 EUR
   2,275    33,63 EUR
   3,999    33,65 EUR
   725    33,67 EUR
   26,001    33,69 EUR
   8,000    33,74 EUR
   1,000    33,77 EUR
   2,000    33,79 EUR
   2,000    33,82 EUR
   2,000    33,84 EUR
   1,000    33,87 EUR
   1,000    33,89 EUR
(b)    Derivatives transactions (other than options)
     

Product name, e.g. CFD

   

Long/short

(Note 6)

    Number of
securities (Note 7)		   

Price per unit

(Note 5)

(c)    Options transactions in respect of existing securities
(i)    Writing, selling, purchasing or varying
     

Product name, e.g. call option

    Writing,
selling,
purchasing,
varying etc.		   

Number of
securities to

which the
option
relates
(Note 7)

   

Exercise

price

    Type, e.g.
American,
European
etc.		   

Expiry

date

   

Option money

paid/received
per unit

(Note 5)

(ii)    Exercising
     

Product name, e.g. call option

    Number of securities    Exercise price per unit (Note 5)
(d)    Other dealings (including new securities) (Note 4)
   Nature of transaction (Note 8)    Details    Price per unit (if applicable) (Note 5)

4. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.

 

Is a Supplemental Form 8 attached? (Note 9)    NO
Date of disclosure    04 December 2006
Contact name    Anjani Kumar
Telephone number    +44 (0)207 678 8987
Name of offeree/offeror with which associated    Iberdrola, S.A.
Specify category and nature of associate status (Note 10)    Adviser to offeror

Notes

The Notes on Form 8.1 can be viewed on the Takeover Panel’s website at www.thetakeoverpanel.org.uk