Under the terms laid out in the prospectuses of the respective bids, both E.ON and Gas Natural have seen their bids lowered after Endesa went ahead with a huge E2.2 billion dividend payout to shareholders in the wake of a telecoms divestment in 2005.
Gas Natural’s bid now stands at around E20.8 billion, or E5.98 per share, while E.ON’s bid is down from an initial E29.1 billion to around E26.9 billion.
Both bids are currently log jammed by regulatory investigations following the Spanish government’s controversial attempts to block a foreign takeover of Endesa.
