Bidding for National Grid gas networks heats up 8 Apr 2004 Three private equity groups are teaming up to offer £4bn for four networks. It is in National Grid s interest to have one buyer for the lot, but the regulator may stick a spanner in the works.
E.ON keeps on shopping 18 Aug 2003 The German utility is tearing up investment plans announced in December, and is preparing billions more in acquisitions. This looks like good news for investment bankers, but not for shareholders.
Failed Gas Natural bid leaves unfinished business 6 May 2003 Further attempts at consolidation in the Spanish utility sector look inevitable. To help the process, takeover rules need further improvement especially Spain s passivity rules.
Spanish regulator opposes Gas Natural bid 30 Apr 2003 The Energy Commission s recommendation is not binding. So Gas Natural s E25bn bid for Iberdrola is not quite dead, yet. But the report gives extra ammo to anyone opposing the deal which includes a large chunk of Gas Natural shareholders.
German utilities admit to overpaying in M&A splurge 14 Nov 2002 That s not so unusual for, say, tech companies. But at least their deals were done in stock. RWE and E.ON paid cash. Two more pieces of detritus revealed by the end of the boom. First RWE, now E.ON, have taken huge written downs on recent acquisitions.