According to a report in the Handelsblatt newspaper, Brussels is to act against Madrid after the Zapatero administration passed a decree making foreign takeovers of Spanish companies more difficult. The decree was intended, in part, to ward off E.ON’s E29 billion approach for Endesa, already the subject of a rival bid from fellow Spanish firm Gas Natural.
I think that we will have to initiate measures against Spain, internal market commissioner Charlie McCreevy told Handelsblatt.
The El Mundo newspaper also reports that the EU has given the Spanish government ten days to explain the new rules surrounding takeovers in the country.
