Catalan calculations

The Spanish utility could just about match E.on s bid for Endesa without destroying value for its own shareholders. But to get there, it would have to rely on more gearing and share some of the pain with its partner Iberdrola.
The Spanish utility could just about match E.on s bid for Endesa without destroying value for its own shareholders. But to get there, it would have to rely on more gearing and share some of the pain with its partner Iberdrola.
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