Spanish Court Backs Endesa, Suspending Gas Natural Bid

Law360, New York (March 21, 2006, 12:00 AM EST) -- A move by Spain's largest electricity supplier to stave off a hostile takeover bid by Gas Natural SDG SA has been upheld by a Spanish commercial court, which this week temporarily suspended Gas Natural's €22.6 billion offer while it investigates Endesa's appeal against the bid.

The court made the decision on grounds that the proposed takeover could violate European Union competition regulations, according to Dow Jones.

Endesa has argued that Gas Natural collaborated with Iberdrola SA, Spain's second biggest electricity utility, in a billion euro side...
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