La Caixa, Spain's largest savings bank by assets and the controlling shareholder of Gas Natural SDG SA (GAS.MC), is looking for government support for a tie-up between the Spanish natural gas distributor and Iberdrola SA (IBE.MC), ABC daily reports Friday, citing people close to the situation.
La Caixa is looking for guarantees that Spain's energy and antitrust regulators won't impose strict conditions on the planned friendly deal, the newspaper adds.
Under the terms being currently discussed, Iberdrola - Spain's largest power utility by market value - would launch a takeover bid for Gas Natural, ABC says.