Gas Natural rejects help offered by Enel (Gas Natural rechaza la ayuda de Enel y decide ir sola en la OPA frente a E.ON).

(From El Pais)

Gas Natural, the Spanish gas group, has rejected the help that Enel, the Italian electricity group, has offered in order to fend off the takeover offer that German utilities group E.ON has launched on Spanish competitor Endesa. Only hours after E.ON made its counteroffer for Endesa, Fulvio Conti, the chairman of Enel, contacted Gas Natural, offering help in averting the counteroffer.

E.ON's offer for Endesa surpasses that of Gas Natural by 29 per cent, but the latter regards Enel's offer for help as a defensive move. The Italian government still holds a stake …