The Board of MONTEDISON qualified as a "bluff" the hostile takeover launched by ITALENERGIA, the consortium lead by FIAT, and that it questioned the legitimacy of the offer of EUR 5.2 billion, which does not seem to it as being in accordance with the decree aimed at safeguarding the liberalisation of the energy market. This ruling also applies to the determining of the offer prices. See EI of 2&3 July.