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 MADRID, Spain (AP) - German utility E.On AG launched a 29.1 billion euro ($34.72 billion) all-cash bid for Endesa SA on Tuesday, topping a previous offer from Gas Natural by more than 30 percent and threatening to disrupt carefully laid plans for Spanish power-market consolidation.
Endesa said in a statement that the E.On offer was "clearly" the better of the two, but added that it still did not adequately reflect Endesa's true value.
E.On offered 27.50 euros ($32.81) per share for Endesa, saying the combination would create the world's leading power and gas company, and serve more than 50 million customers in over 30 countries.
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