Avangrid Beats Investors’ Suit Over Conflict in Iberdrola Buyout

Avangrid Inc. defeated allegations of concealing from its minority stockholders the “thick ties” a board member and former Maine governor had to Iberdrola SA when soliciting them to sell their shares to the Spanish utility in 2024.

Investors failed to allege former Gov. John Baldacci had a significant relationship with Iberdrola when in office, at a law firm, or as vice chairman of Avangrid’s board, Judge Jesse M. Furman said while ordering the case be closed Monday.

Even if the energy company’s shareholders sufficiently alleged statements about Baldacci’s independence in the buyout’s voting materials were misleading, more details wouldn’t have ...