LONDON (AFX) - E.ON AG president Wulf Bernotat said in an interview with Spanish daily ABC that he would reject anything other than a majority holding in the Spanish electricity group Endesa SA.
'Our offer is conditional on a minimum of 51 pct (of the capital of Endesa),' Bernotat said, when asked if he would a consider a minority partipation along with other Spanish groups.
'We would only accept a minority holding temporarily if we later had the opportunity of becoming a majority shareholder.'
E.ON announced an offer to buy Endesa for 29.1 bln eur two months ago.
Bernotat added that E.ON would maintain its 27.50 eur per share offer for Endesa even if Gas Natural, which has put in a 21.3 eur per share offer for the Spanish group, were to withdraw.
'But I warn you that 27.50 eur per share will not be the same in a year,' said Bernotat.
The Spanish government approved energy sector reforms earlier this year, which were widely seen as a way to block E.ON's bid for Endesa.
Bernotat said he was very surprised by the government's attempt to block the bid, believing that Madrid 'should understand that Brussels is the authority in the matter.'
The European Commission cleared E.ON acquisition of Endesa last week, adding that it will continue to monitor developments in the German and Spanish gas and electricity markets and the other markets concerned. newsdesk@afxnews.com afp/bam COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited