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Thursday, September 08, 2005

Power Battle in Spain

Endesa SA (a Spanish power utility) rejected yesterday the unsolicited bid of 22.55 billion euros ($28.27 Billion) from Gas Natural SDG SA. According to Endesa’s CEO “The bid is hostile and does not reflect the real value of the company. In response of Endesa’s negative response, Rafael Villaseca, Gas Natural’s CEO, said that “It didn’t come as a surprise to us. In any event, it will be up to the shareholders to decide.” But, why is Gas Natural trying to acquire Endesa anyway? Well, the EU has begun opening its gas and power markets to competition and European energy companies are seeking more size. Gas Natural’s intention to acquire Endesa indicates that Gas Natural is seeking vertical integration in order to be able to control its own supply of raw materials. Gas Natural insists that by acquiring Endesa Spanish consumers would be better off as it would spur competition and gas prices will go down.

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