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21

E.On Optimistic On Spain Firm Takeover, Spain Govt Has Doubts

"We believe that Endesa's business prospects as part of E.ON are very good"

Germany's energy giant E.ON is optimistic about its takeover bid for Spanish energy company Endesa., E.On chief executive officer Wulf Bernotat said on a press conference in Dusseldorf.

"We're determined to make this acquisition happen and write a new chapter in the E.ON story," he said.

He said the company had made an attractive offer, "not just from a financial perspective".

"We believe that Endesa's business prospects as part of E.ON are very good."

E.ON received earlier this week a credit line of 32 billion euros ($68.3 billion) to finance the planned takeover, which would result in the largest acquisition in the energy sector if successful.

The German company had offered 29.1 billion euros ($62.1 billion) for the takeover, which was announced late last month.

But the Spanish government has tried to block the deal following the announcement by the domestic firm Gas Natural that it will raise its bid to squeeze E.ON out. Gas Natural had offered 22.5 billion euros (48 billion dollars) to take over Endesa, whichis Spain's major electricity supplier.