MADRID (AFX) - Spain's Industry Minister Jose Montilla accused the European Commission of 'impertinence' for seeking to discipline the country over a move to protect Spanish electricity company Endesa from takeover by German energy giant E.ON.
'Brussels' speed and impertinence in this matter surprise us, in view of its bureaucratic slowness and lack of initiative regarding other problems,' Jose Montilla told the Barcelona daily El Periodico.
His comments referred to infringement proceedings being brought by the EU against Spain for passing a law aimed at thwarting E.ON's 29.1 bln eur takeover bid.
The EU's executive arm should be 'as sensitive to the dramas of immigration as it is to the pressures of E.ON,' the newspaper quoted Montilla as saying.
Spain in February adopted a law bolstering the power of its national energy regulator to review mergers affecting national strategic interests. It was passed days after E.ON announced a hostile takeover bid for Endesa.
The commission launched infringement proceedings against Spain on May 3 on the grounds that the law went against the EU's single market rules. EU competition regulators have given the green light to E.ON's bid.
The Spanish government back a 22.5 bln eur rival bid launched last September by Spanish company Gas Natural.
Montilla defended the Spanish law, claiming it filled a 'legal vacuum' concerning bids by foreign companies to join the Spanish domestic energy market.
'The European Commission has the right to take us before the courts, just as we have the right not to pay any heed,' he said. newsdesk@afxnews.com afp/hjp 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