TELECOM ITALIA and the Spanish electricity group ENDESA are considering consolidating their Internet and telecommunications activities in Spain with those of the Spanish services group UNIÓN FENOSA. The alliance would take the form of a holding company worth USD 12 billion. ENDESA and TELECOM ITALIA are expected to own 25 to 30% each and UNIÓN FENOSA 15%, with the remainder in the hands of various minority shareholders. The deal would create Spain's second largest telecoms and Internet/new...