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Spanish to "take time" on EU's Endesa criticism
AFP
MADRID
Petroleumworld.com 08 26 06
The Spanish government "will take its time" in examining a European Commission judgment in Brussels that the strings atached to the mooted buyout of electricity group Endesa by German behemoth E.ON violate European competition rules, the industry ministry said Friday.
"We will take our time," a spokesman told AFP. "We are not obliged to respond to this kind of letter (from the Commission) but the government will do so out of politeness in the coming weeks.
The Commission has sought Spanish clarification on 19 conditions imposed by national regulator CNE in exchange for its approval of a takeover bid for Endesa, a spokesman said on Thursday.
The conditions included the divestment of substantial assets, notably in nuclear power generation.
The foreign ministry said Madrid had received the Commission letter "two or three days ago" and had "ten days in which to respond."
E.ON has made an all cash bid of 29.1 billion euro (36.6 billion dollar) for Endesa, exceeding an earlier cash and shares bid by Spain's own Gas Natural, which Madrid would prefer to see prosper as it wants a national sector champion.
The Germans have criticised the conditions attached as "groundless".
AFP 25 1157 GMT 08 06
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