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Image header Agence Europe
Europe Daily Bulletin No. 9617
Contents Publication in full By article 19 / 29
GENERAL NEWS / (eu) eu/court of justice

Spain infringes law by preventing E.ON's takeover bid for Endesa

Brussels, 06/03/2008 (Agence Europe) - In a decision made on 6 March (C-196/07), the Court of Justice (ECJ) ruled against Spain for having prevented E.ON's takeover bid of Endesa in 2006-07. The ECJ found in the European Commission's favour for having given the operation the go-ahead on 25 April 2006 and which had later called on the Spanish government to withdraw the conditions on the Endesa buyout. In its decision the ECJ explained “that by not withdrawing within the periods prescribed a number of conditions imposed…Spain has failed to fulfil its obligations under Community law”. The judges also noted that “Spain has not shown that it was absolutely impossible to implement the Commission's decisions. The fact that E.ON's public offer failed does not necessarily mean that it was absolutely impossible to implement the decisions, given that it was, for example, still possible formally to remove the provisions contrary to them”. Spain is still under Commission investigation for intervening in the Endesa affair (Enel and Acciona). (L.C.)

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