US judge grants injunction against Acciona |
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Tue, 06 Feb 2007 08:02
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NEW YORK (AFX) - A federal judge in Manhattan granted a request for a preliminary injunction against Spain's Acciona SA in a dispute over its filings with U.S. securities regulators regarding its plans to acquire a larger stake in Spanish utility Endesa SA.In an order filed Monday, U.S. District Judge Denise Cote prohibited Acciona from making any further material misstatements or omissions in its filings with the Securities and Exchange Commission. However, she rejected a request that Acciona give persons who sold their Endesa stock a chance to rescind those sales.Germany's E.ON AG, which has made a 41 billion euros ($53.2 billion) takeover offer for Endesa, has alleged that Acciona made false filings with U.S. regulators about its plans to increase its stake in Endesa.'E.ON has shown a substantial likelihood of proving at trial that Acciona has filed inaccurate and incomplete disclosures with the SEC regarding its acquisition of Endesa stock,' the judge said.E.ON recently sweetened its offer for Endesa to 38.75 euros ($50.25) a share after rival bidder Gas Natural SDG SA dropped its own bid for Endesa, Spain's largest electricity producer.Acciona owns a stake of about 21 percent in Endesa.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.newsdesk@afxnews.comjfrCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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E.ON seeks probe on possible Acciona, Gas Natural collusion on Endesa UPDATE 