BBVA, SCH and Citigroup have won the mandate to manage the sale of a 28% stake in Red Electrica, the Spanish electricity firm, which could raise up to €400m ($473m) on the behalf of four Spanish utilities.

Endesa, Hidrocantabrico, Iberdrola and Union Fenosa each have a 10% stake in Red Electrica, and under new government regulations their stakes have to be reduced to 3% each. No timetable has been set for the sale.