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This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at Gas Natural lanza una OPA hostil sobre el 100% del capital de Endesa

Natural gas launches a hostile takeover bid for 100% of the capital of Endesa

08/09/2005

on September 8, 2005

The Board of Directors of Natural Gas agreed on 5 September, unanimously, launch a public offer for acquisition (OPA) of actions on 100% of the capital of the company Endesa.
The operation was presented to the National Commission of the market of values (CNMV) and was referred to the competent authorities, and consists in an exchange of shares and a payment in cash, in a proportion of 65.5% and 34.5 %respectively. Considering closing price on September 2, 2005, Exchange ratios and the payment in cash equivalent to a valuation of Endesa from 21.30 EUR per share, representing a premium of 14.8% over the price of Endesa closed on the same date, and a cousin of 19.4% on the average price of Endesa in the last six months.
The new group will be the third "utility" of the world and the first company of gas and electricity of Spain and Latin America, with 16 million customers in Europe and more than 30 million worldwide.
That same day, Iberdrola signed an agreement for the sale of certain assets of the society resulting from the acquisition of Endesa by gas company operation with Natural Gas. Agreement is contingent on the success of the process of takeover bid for Endesa.
A day later, Endesa described the operation of hostile, at the time who claimed that "the approach and the structure of supply introducing elements of uncertainty that impede know accurately the real value of the price offered." "In any case, a preliminary assessment determines that the economic terms of the offer are manifestly inadequate and do not reflect in any way the real value of the company."
Union Fenosa, the third electric Spanish, yesterday expressed its "concern" for the process of horizontal, vertical and geographical concentration which, without the intervention of the authorities, could produce the hostile takeover. The horizontal concentration would occur by grouping assets having both companies both in electric activities as gasistas, with which, according to Fenosa, "clearly dominant" energy operators would be created.

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