In Blow To Spain, High Court Sides With Endesa

Law360, New York (April 21, 2006, 12:00 AM EDT) -- In a move that further complicates the tangle over energy superpower Endesa SA’s takeover, Spain's Supreme Court said this week it will suspend the government's approval of Gas Natural SDG SA's hostile bid, marking the latest victory for Endesa in its move to block the offer.

The court said it would grant Endesa’s request for a cautionary injunction after the energy company posts a €1 billion bond.

The ruling marks a setback for Prime Minister Jose Luis Rodriguez Zapatero, who earlier this week said the competing...
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