The "e-Competitions" bulletin has reported on a number of occasions on the aftermath of the takeover bid announced on 5 September 2005 by Gas Natural, the most important Spanish gas provider, for Endesa, Spain's biggest utility. The present case is just another step in this complex saga, but an interesting one for a number of reasons. The origins of this case go back to a second announcement made by Gas Natural on the same eventful day that the takeover bid was made. Gas Natural openly told the media that it had concluded an agreement with Iberdrola, the second largest Spanish utility, whereby it would sell Iberdrola certain Endesa assets should it acquire control over that company. Gas Natural claimed that the object of this agreement was to anticipate the divestitures that the
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The Madrid Commercial Court of Appeal lifts an acquisition bid’s suspension in the gas supply sector on the basis that the agreement does not potentially infringe Art. 81.1 EC (Gas Natural / Iberdrola / Endesa)
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