Endesa takeover battle could be nearing end

10th January 2007, Comments 0 comments

10 January 2007, MADRID —The supreme court lifted conditions on Wednesday which blocked a takeover bid by German giant E.ON for the country's biggest energy company Endesa.

10 January 2007

MADRID —The supreme court lifted conditions on Wednesday which blocked a takeover bid by German giant E.ON for the country's biggest energy company Endesa.

A complicated series of legal moves had paralysed the EUR 36.5 million E.ON bid.

Judges in the Third Supreme Court voted by 16 in favour and 15 against to lift legal measures which had mired the German bid.

But a separate legal case in a lower court still blocks the E.ON bid for Endesa.

However, it appears certain this last barrier will also be lifted, leaving E.ON free to finally takeover Endesa and form one of the biggest energy companies in the world.

The battle to gain control of Endesa started in September when Spanish rivals Gas Natural launched their lower bid.

But this was countered last year by E.ON's takeover challenge.

The row became political when Madrid imposed conditions which favoured Gas Natural, but which were later ruled anti-competitive by the European Commission.

The EC threatened to take Spain to court if the conditions were not removed.

[Copyright EFE with Expatica]

Subject: Spanish news
  

10 January 2007

MADRID —The supreme court lifted conditions on Wednesday which blocked a takeover bid by German giant E.ON for the country's biggest energy company Endesa.

A complicated series of legal moves had paralysed the EUR 36.5 million E.ON bid.

Judges in the Third Supreme Court voted by 16 in favour and 15 against to lift legal measures which had mired the German bid.

But a separate legal case in a lower court still blocks the E.ON bid for Endesa.

However, it appears certain this last barrier will also be lifted, leaving E.ON free to finally takeover Endesa and form one of the biggest energy companies in the world.

The battle to gain control of Endesa started in September when Spanish rivals Gas Natural launched their lower bid.

But this was countered last year by E.ON's takeover challenge.

The row became political when Madrid imposed conditions which favoured Gas Natural, but which were later ruled anti-competitive by the European Commission.

The EC threatened to take Spain to court if the conditions were not removed.

[Copyright EFE with Expatica]

Subject: Spanish news
  

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