Spain's CNE to clear Suez stake hike in Gas Natural today - report |
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Tue, 16 Oct 2007 07:28
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MADRID (Thomson Financial) - Spanish energy sector regulator CNE is expected to authorise Suez' plans to raise its stake in Gas Natural SDG SA to above 10 pct today, Cinco Dias reported, citing unnamed sector sources.Suez is currently awaiting the green light to raise its stake to 11.3 pct.But Gas Natural core shareholder Repsol YPF SA, which holds a 30 pct stake, has already called on the CNE to oppose Suez' petition to raise its stake in the Catalan gas company.Repsol YPF has asked the CNE to place conditions on Suez' stake hike plans and warned that, if the group is permitted to go ahead with the acquisition, it may lead to competition problems in Spain's gas market.Suez is currently in the process of merging with Gaz de France.Repsol YPF fears that the utility may attempt to secure a seat on Gas Natural's board, Cinco Dias said.It noted, however, that Suez has said it wishes to exercise its shareholder rights, but has not requested a board seat.tfn.europemadrid@thomson.comped/jdy/jlwCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Spain's CNE halts Suez moves in Gas Natural until Gaz de France merger clarified 