In order to counter the public offer made by American TEXAS UTILITIES (see EI of 15 March), the Spanish electricity company UNIÓN FENOSA has announced a counter bid of EUR 2.62 billion on 100% of the HIDROCANTÁBRICO capital. UNIÓN FENOSA is proposing 24 euros per share, that is, 2.75 euros more than its American adversary. This offer already enjoys the support of four of the five reference shareholders of HIDROCANTÁBRICO. If it is successful, it will give rise to an entity controlling...