Europe's apex court, the European Court of Justice, has ruled that Spain has overstepped European law by imposing conditions on German utility E.ON's proposed acquisition of Spanish firm Endesa, reports the Financial Times.
The publication reported that the European Commission (EC) has asked the Spanish authorities to withdraw the conditions. The EC had earlier given approval to the proposed acquisition on competition issues.
The EC escalated the matter to the European Court of Justice (ECJ) when the Spanish authorities failed to repeal all of the conditions. The court ruled that Spain acted unlawfully and while E.ON’s acquisition bid failed, it was possible to implement the decision, according to the news source.