Spanish savings bank CAJASTUR and electricity group EDP - ELECTRICIDADE DE PORTUGAL are to launch a public bid on 100% of the capital of the fourth largest Spanish electricity company, HIRDROCANTÁBRICO. To achieve this, they have formed a consortium called ADYGENSINVAL which proposes 24 euros per share, amounting to a total of EUR 3.5 billion (including debts). CAJASTUR and EDP are henceforth guaranteed the control of at least 34.2% of the electricity group. On one hand, CAJASTUR already holds 10.1% of the capital, and, on the other, the American TXU - TEXAS UTILITIES, which holds 19.2%, and the savings bank CAJA DE SEGUROS (4.93%) have announced that they accepted the offer. This is the fourth bid on HIDROCANTÁBRICO in ten months. The offer put forward by the Spanish-Portuguese consortium is 5 euros higher than that presented last September by FERROATLANTICO-ENBW. See EI of 20 January 2001 and 30 September 2000.