Brussels debates Spain’s rules on Endesa

31st July 2006, Comments 0 comments

31 July 2006, MADRID – The European Commission is studying the terms Spain has imposed on the EON takeover of Endesa to see if it breaks EU law.

31 July 2006

MADRID – The European Commission is studying the terms Spain has imposed on the EON takeover of Endesa to see if it breaks EU law.

The commission says it has 25 days to study the case before announcing its verdict.

German energy firm EON has already said it is considering legal action against the terms imposed by Spanish energy regulator CNE on Friday.

The CNE said it would have to sell off 15 percent of Endesa, which would mean a third of Spanish energy potential, such as major nuclear power stations and coal power stations.

Since February, the government had set itself against the EUR 29.1 billion bid, extending the powers of energy regulator CNE to block foreign bids against Spanish companies.

The conditional green light came from Spain after pressure from the Commission and German premier Angela Merkel.

[Copyright EFE with Expatica]

Subject: Spanish news

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