GAS NATURAL in Spain (turnover EUR 5.3 bn in 2002 with market capitalisation of EUR 6.9 bn) is the number one player in the national gas market and has launched a hostile take-over bid for totality of IBERDROLA's assets (turnover of EUR 9.6 bn in 2002 with market capitalisation of EUR 13 bn), second largest electricity operator in the country. GAS NATURAL is offering EUR 6.80 in cash and 0.58 of its own shares, which gives IBERDROLA a value of EUR 15.38 bn. The take-over bid depends on the agreement of 75% of the shareholders. If the operation is successful, the current shareholders of GAS NATURAL and IBERDROLA will control 46% and 54% respectively of the new company.