The race to buy the Spain’s biggest electricity provider Endesa is heating up with Germany’s E.ON increasing its offer to 37 billion euros. The revised bid of 35 euros a share came a day after Spanish conglomerate Acciona bought a 10% stake in Endesa at 32 euros a share. That makes Acciona one of the biggest single shareholders, but 64% of the stock is held by individuals.
The consolidation of Spain’s energy sector could be continuing with the country’s biggest construction group ACS buying 6.3% of electricity supplier Iberdrola. It is a trend approved of by Spain’s Economy minister Pedro Solbes. He said: “I like world champions, European champions. I also like very powerful national companies, so yes, I support a national champion. In any case, I prefer companies which are not limited to this country, but which can be competitive outside Spain.”
Along those lines, there has been some speculation that ACS plans a three-way merger between utilities Union Fenosa, Gas Natural and Ibedrola. That would create Spain’s top utility with a market value of more than 42 billion euros but ACS said it currently has “made no decision to pursue a merger.”