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Secret deal in bid for Spain’s biggest utility
29 January 2007
MADRID — Two courts are investigating if Spain’s biggest utility gave a Germany’s
biggest power company an unfair advantage in its takeover bid.
The Spanish daily El Pais reported on Monday Endesa signed a secret deal with E.ON to
limit the amount of information made available to regulators.
The deal, says the paper, was signed in January 2006.
The courts are now investigating whether Endesa unfairly
helped E.ON prepare its takeover bid by giving it private information that it denied
the other company bidding for control of Endesa, Gas Natural.
Endesa claims it has offered Gas Natural all the information it needs, but the latter
insists this information was denied.
The paper claims the secret deal said E.ON would keep any confidential information
about Endesa under
wraps for a period of two years.
Additionally, both companies agreed that if a court, government agency or authority
requested further information — as was the case when the CNMV
National Securities Commission started investigating — they would act together to
disclose “a minimum amount of information”.
The CNMV is not opposed to companies exchanging confidential information, but opposes
Endesa denying the same information to rival Gas Natural.
[Copyright EFE with Expatica]
Subject: Spanish news
29 January 2007
MADRID — Two courts are investigating if Spain’s biggest utility gave a Germany’s biggest power company an unfair advantage in its takeover bid.
The Spanish daily El Pais reported on Monday Endesa signed a secret deal with E.ON to limit the amount of information made available to regulators.
The deal, says the paper, was signed in January 2006.
The courts are now investigating whether Endesa unfairly helped E.ON prepare its takeover bid by giving it private information that it denied the other company bidding for control of Endesa, Gas Natural.
Endesa claims it has offered Gas Natural all the information it needs, but the latter insists this information was denied.
The paper claims the secret deal said E.ON would keep any confidential information about Endesa under wraps for a period of two years.
Additionally, both companies agreed that if a court, government agency or authority requested further information — as was the case when the CNMV National Securities Commission started investigating — they would act together to disclose “a minimum amount of information”.
The CNMV is not opposed to companies exchanging confidential information, but opposes Endesa denying the same information to rival Gas Natural.
[Copyright EFE with Expatica]
Subject: Spanish news