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10 January 2007 - The takeover battle for Spanish utility Endesa moved a step closer to resolution yesterday when the country's Supreme Court lifted an injunction that had frozen rival offers from Spanish gas supplier Gas Natural and Eon of Germany.

While the decision is welcome news for Eon and Endesa, the takeover process remains stalled by a separate injunction from a lower court, which could be resolved within weeks. Madrid's hostility to Eon's bid and its political manoeuvres to help Gas Natural have drawn harsh criticism from Brussels.

The European Commission, which has approved Eon's bid for Endesa, has twice ruled as illegal conditions imposed on the deal by Madrid.

Gas Natural's €22.5bn ($29bn) bid for Endesa was suspended in April by the Supreme Court, pending a ruling on whether the government acted legally in ignoring its own competition authorities and approving the deal.

That injunction in effect froze Eon's rival €37bn offer, favoured by Endesa - which then appealed to the Supreme Court.

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