Manuel Conthe, president of the National Stock Exchange Commission (CNMV) announced his decision after the watchdog went against his recommendation over the takeover saga for Spain’s biggest power company.
He recommended the Italian utility Enel SpA and the Spanish building company Acciona should be fined for alleged irregularities which they are alleged to have committed which contravened laws governing takeovers.
But the CNMV opted to force the companies to wait six months until they could launch a takeover, giving the German power giant E.ON preference.
The takeover saga for Endesa, Spain’s biggest utility, involves the German power giant E.ON whose bid is opposed by Enel and Acciona, who together are the biggest shareholders in Endesa.
The bitterly fought battle to gain control of Endesa started in September 2005 with an offer from Spain’s Gas Natural.
The larger bid by the German company was opposed by the Spanish government which faces legal action from the European Commission on Monday. Spain’s industry minister Joan Clos was appearing before the EC on Monday to answer charges Madrid had acted illegally in imposing conditions on the German bid.
