Spain Takes 2nd Look At Gas Natural Merger

Law360, New York (November 11, 2008, 12:00 AM EST) -- Spain's competition authority has decided to probe deeper into a €16.8 billion ($21 billion) bid by the country's largest gas provider, Gas Natural SDG SA, to acquire Union Fenosa, Spain's third-largest electricity utility.

Citing concerns that the merger could concentrate too much of the country's electricity and natural gas markets, Spain's National Commission of the Competition opted to begin a second phase investigation into the deal Friday, according to the regulator.

The first stage of the investigation showed that the combination would likely mean the erasure...
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