The Spanish competition authority, CNC, has approved Gas Natural SDG SA's (GAS.MC) purchase of Union Fenosa SA (UNF.MC) and will impose very light conditions to the operation, along the lines put forward by the Spanish gas company, reports Cinco Dias in its Thursday Internet edition, citing unidentified company sources.
According to the paper, the conditions have been discussed and agreed on beforehand with the company.
Gas Natural is willing to sell either two power plants or one-to-two combined cycle gas turbine plants. As for Union Fenosa Gas, the company won't be forced to sell Fenosa's 50% stake in its unit, but will have to split the gas exploration and production business from the sale and marketing operations, the paper adds.
Italy's Eni SpA (E) owns 50% in Union Fenosa Gas and has preemptive rights to purchase the other half in case Fenosa is sold.