The Italians were hoping to pick up scraps if Gas Natural bought rival Endesa. But E.on s bid for Endesa makes that harder. Enel could team up with Gas Natural to bust up E.on s deal. Or it could train its sights on Iberdrola. But neither will be easy to pull off.
Oil & Gas
Gas Natural, which made a hostile bid for its larger Spanish rival, will find it hard to compete with a German cash bid that is 30% higher. Although it probably won't give up without a fight, it may need new allies to stay in the game. The Spanish government won't like this German invasion. But it will be hard to block it.