Brussels, 10/05/2001 (Agence Europe) - Commissioner Monti, responsible for competition, recalled during a press conference, that Spain is held to notify its intention to suspend the voting rights of Ferroatlantica and Adygensival in the national electricity group Hidrocantabrico. However, it added that, in the absence of a final decision from the Spanish Council of Ministers, which has three months to ratify or rectify the measure taken on 7 May by the Ministry for the Economy, it was still premature to rule at this stage. Amelia Torres, spokesperson for the Commission, recalled at the same time that the take-over offers by EDP/Cajastur and Ferroatlantica/EnBW are of a Community dimension and require, as an obligation, the filing of a notification.
In virtue of a series of measures adopted by the Spanish government last year, it was established that no public company that buys significant stakes (more than 3%) in the Spanish energy sector could exercise the corresponding vote. However, Ferroatlantica, which recently bought 59.66% in the capital of Hidrocantabrico, is associated to the German EnBW, itself 34% held by EDF, French public operator. As for Adygensival, which presently holds 34.2% of the Spanish operator, associated with the Portuguese operator EDP, 30% held by the Portuguese State, and the Spanish building society Cajastur.
Mr Monti indicated that the national government only have a very small margin for manoeuvre to interfere, in accordance with Community law in the matter, in cross-border merger and acquisition operations in view of protecting national interests. It also recalled that the "internal market" services of the Commission, are presently studying the Spanish law in question in order to determine if it is in accordance with Community legislation covering the free movement of capital and free establishment.