Endesa boss vows to fight Gas Natural takeover
9 September 2005 , ANDORA — The head of Spain's biggest electric power company vowed Endesa will fight "tooth and nail" against a hostile takeover bid by Gas Natural, the nation's largest provider of natural gas.
9 September 2005
ANDORA — The head of Spain's biggest electric power company vowed Endesa will fight "tooth and nail" against a hostile takeover bid by Gas Natural, the nation's largest provider of natural gas.
Endesa president Manuel Pizarro said "he who resists prevails".
He was speaking at a company plant in Andora, a small town in north-eastern Spain, not to be confused with the tiny nation of Andorra in the eastern Pyrenees.
He stressed his company's growth over the years, saying, "that work cannot be wasted, and we will defend Endesa tooth and nail".
"We need some time to tell our side of the story to shareholders, workers and clients," he said.
Gas Natural, Spain's largest natural gas provider, announced Monday a EUR 2.6 billion (USD 8.3 bn) hostile takeover bid for Endesa.
If the takeover attempt succeeds, the Barcelona-based company will become the dominant player in the Spanish energy market.
The combination of Gas Natural and Endesa would be the world's leading private energy concern according to number of customers.
Spanish regulators shot down Gas Natural's unsolicited May 2003 offer for Iberdrola, another electricity producer, but the Socialist government that took office in April 2004 has signalled a willingness to accept some consolidation in the energy sector.
Thirty-two percent of Gas Natural is owned by Spain's largest savings bank, La Caixa, while another 31 percent is in the hands of oil company Repsol.
[Copyright EFE with Expatica]
Subject: Spanish news