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EU Takes Legal Action Against Spain
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Posted 18 October 2006 @ 06:51 am GMT
EU regulators said Wednesday they were taking legal action against Spain for blocking German energy company E.On AG's euro37.1 billion bid for Spanish utility Endesa SA.
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company energy european germany spain union
It said Spain had so far done nothing to remove roadblocks to the deal but it hoped it would do so before it had to drag Madrid before the European Court of Justice. Last month, EU regulators said Spain broke EU rules on the right to do business anywhere in the 25 nation bloc when the country's National Energy Commission, or CNE, ruled in July that it would allow E.On's offer only if it sells off about a third of Endesa's power generation assets.
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