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1 August 2008 - Spanish utility Gas Natural has agreed to buy a 45 per cent stake in rival Union Fenosa from debt-laden construction firm ACS in a deal worth €7.6bn ($11.8bn).

If the energy watchdog approves the deal, Gas Natural will then have to make a full cash bid for Fenosa to comply with Spanish securities regulations.

The move comes after months of speculation over consolidation to create a domestic energy champion capable of fending off foreign predators.

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