Gas Natural Gets The Nod To Buy Fenosa Assets

October 2008 | M&A News Alert

Spain's largest natural gas supplier Gas Natural has received approval from Mexican competition watchdogs to acquire two power stations run by its acquisition target, Unión Fenosa, as part of its takeover bid. The acquisition of the two 'combined-cycle' installations in Mexico is conditional upon Gas Natural receiving Spanish regulatory approval for its EUR16.7bn (US$22.76bn) friendly bid for Fenosa. If successful, the new group would be Mexico's second-largest private electricity generator, after Spain's Iberdrola, with 3,724 Megawatts of generation capacity. For Gas Natural the move also represents a natural follow on to its October 2007 acquisition of five Mexican power plants

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