Spanish utility Iberdrola to sell assets, cut jobs

Spanish utility Iberdrola SA on Wednesday announced plans to unload assets and reduce its headcount by 1,200 to help the company weather a contracting economy in its home market and slow growth in other parts of the world
The power company said it would sell up to 5 billion euros ($6.5 billion) of assets to help reduce net debt by nearly 20% to EUR26 billion
The company ruled out a capital increase to achieve its financial goals but said it would slow investment through 2014
Earlier Wednesday, the company said growing international operations helped drive up third-quarter net income 3.6% to 600.2 million euros ($779.8 million) compared with the same period of 2011
An average of estimates in a Factset poll of six analysts forecast third-quarter net income of EUR483 million
Total sales rose 5.4% to EUR8.24 billion in the quarter
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