Gas Natural gains an extended deadline and studies new offer for Endesa (La firma gasista logra aplazar la aprobacion de su OPA).

(From El Pais)

Gas Natural, the Spanish gas group, managed to delay the Spanish financial markets regulator from approving its existing takeover bid for energy group Endesa yesterday. The move gives Gas Natural time to formulate a new offer that can better compete with that tabled by German group E.ON on Tuesday. E.ON is offering 27.50 euros per share for Endesa, entirely in cash, while Gas Natural's offer, made up of two-thirds shares and one-third cash, currently values Endesa at around 21.30 euros per share. The financial markets regulator, the CNMV, had been expected to approve the gas group's existing offer today. As and when the CNMV approves a new offer from …