How not to block a takeover; European energy.(E.ON AG drops the bid for Endesa S.A.)
Economist (US), The, April, 2007
Spain's meddling government is the big loser in the battle over Endesa
HAVING fought for more than a year against fierce resistance from Spain's Socialist government, Wulf Bernotat, the boss of E.ON, Germany's biggest energy firm, conceded this week that his plan to buy Endesa, Spain's biggest electricity company, was irrevocably doomed. On April 2nd he announced that he would drop his bid after reaching an agreement with rival bidders to buy some euro10 billion ($13.4 billion) of Endesa's assets if their own plan to acquire the firm succeeds.
Under the terms of the deal with Enel, an Italian electricity giant, and Acciona, a Spanish construction and services group, E.ON will get Endesa's European assets outside Spain and some of Enel's Spanish...
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