Shares of Gamesa rose to their highest level since August after Iberdrola offered about $3.48 billion in stock to take full ownership of Iberdrola Renovables. The Iberdrola offer gives a boost to the Spanish renewable-energy industry after the government trimmed incentives for wind and solar plants, said an investment manager. "This [offer] puts a premium on renewables. You can't invest in Iberdrola Renovables, but Gamesa is pretty closely related," he said.

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