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Spain’s Acciona joins melee in Endesa saga, ACS links Fenosa and Iberdrola

By Mike Elkin ( September 27, 2006, 11:59 GMT | Insight) -- Merger and acquisition activity among Spanish energy companies is coming to a boil as a decision by construction and energy company Acciona to buy a 10 percent stake in Endesa was followed by a quick reply from E.ON to raise its bid. Rival construction giant ACS then bought a stake in 6.31 percent in Iberdrola for 2.1 billion euros, while it already owns 35.2 percent of Union Fenosa, sparking talk of a rival formation.Merger and Acquisition activity among Spanish energy companies is coming to a boil as a decision by construction and energy company Acciona to buy a 10 percent stake in Endesa was followed by a quick reply from E.ON to raise its bid. Rival construction giant ACS then bought a stake in 6.31 percent for 2.1 billion euros in Iberdrola, while it already controls 35 percent of Union Fenosa....

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