E.ON, the German utility attempting to acquire Endesa, has praised its takeover target's decision to ask the Spanish courts to lift injections against rival bidder Gas Natural, because it believes the move will aid the arrival of a final decision on the matter.
In a statement, the German firm said that it welcomed Endesa’s announcement that it will ask the Spanish courts to modify or lift the two injunctions against Gas Natural’s offer. E.ON believes that the action indicates Endesa’s desire for shareholders to decide whether they accept E.ON’s offer.
The development follows closely on from E.ON securing approval for its bid for Endesa from Spain’s stock market regulator, the CNMV.
E.ON chief executive Wulf Bernotat commented: With approval from the CNMV we have reached another important milestone on our road to a successful entry into the Spanish energy market. We hope that the suspension of Gas Natural’s offer – and consequently of our offer as well – will soon be lifted by the courts so that Endesa’s shareholders can decide.