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MADRID, Spain (AP) - Spain's government approved measures Friday designed to block German utility E.On AG's takeover bid for Endesa, placing itself on a collision course with European Union regulators.
The government, which backs an all-Spanish takeover for Endesa, passed a decree that will expand the scope of its energy regulator's veto power to include deals in which a foreign buyer targets a Spanish energy concern, Industry Minister Jose Montilla said.
Under the current law passed in 1998, the regulator — the National Energy Commission — could examine and veto a takeover deal in this sector only if the buyer was a Spanish energy concern. If the buyer was not energy-related, or foreign, the regulator's hands were tied.
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