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27 September 2006 -- E.ON AG announced that it intends to increase its offer for Spanish utility Endesa, S.A. to 35 euro per share, paid in cash. Acciona bought 10 percent of the company the previous day at 32 euro per share.
The E.ON announcement also came after the European Commission ruled that Spain broke European Union law in its effort to prevent the German company from buying out the Spanish utility. Spain approved E.ON's initial offer of 27 billion euro, but gave its nation's energy agencies the ability to put restrictions and conditions on the purchase.
The National Energy Commission, Spain's power regulator, would have approved the merger only if E.ON sold off many of Endesa generating assets, among other conditions.
The BBC reported that the European Commission hopes the crackdown on Spain's actions will set an example for protectionism and free market trade within the EU.
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