Gas Natural Considers Cash Bid for Fenosa
Gas Natural is considering buying ACS's stake in rival utility Union Fenosa and launching a cash bid for the rest, Expansion newspaper reported, citing sources familiar with the situation.
The whole deal, worth about 13 billion euros ($20.45 billion) at market prices, would be backed by Gas Natural's main shareholders savings bank, La Caixa and Repsol, the paper said.
ACS is expected to begin the sale process for its 45 percent stake in Union Fenosa stake this week, with EDF, ENI and GDF Suez also tipped as likely bidders.
Nobody at Gas Natural was immediately available to comment.