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Gas Natural could launch Fenosa bid today - paper
MADRID, July 30 |
MADRID, July 30 (Reuters) - Spain's Gas Natural (GAS.MC) could launch an 18 euros per share bid for ACS's (ACS.MC) stake in Spanish utility Union Fenosa UNF.MC today, newspaper Expansion reported, without citing sources.
Expansion said UBS, Gas Natural's advisor for the deal, will formally approach ACS advisor Mediobanca today about the planned acquisition, with a pre-agreement expected to be reached either today or tomorrow. Gas Natural recently confirmed it was in talks with construction company ACS to buy its 45 percent stake in Union Fenosa, which has a market capitalisation of about 14 billion euros ($22.03 billion).
Separately, El Economista said French utility GDF Suez (GSZ.PA) is also expected to present an offer for ACS' stake in the utility today.
Gas Natural Chief Executive Rafael Villaseca said on Tuesday the company was working alone on a possible offer for Fenosa, after media reports suggested it could team up with GDF Suez.
Gas Natural declined to comment on the newspaper report.
(Reporting by Tracy Rucinski; Editing by Judy MacInnes and Erica Billingham)
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