Madrid: Repsol abandons takeover bid

    Oct. 31, 2000 (Energy24)à‚–Repsol YPF SA has scrapped its hostile takeover bid for Iberdrola SA, following strong opposition to the move from the Spanish government.

    As reported earlier, the company was close to reviving the bid after acquiring a number of power plants from Iberdrola and Endesa, but news that the government “would not tolerate” the bid quickly put paid to their plans.

    The Wall Street Journal claimed, however, that the purchase of Iberdrola and Endesa assets by Repsol may have helped the two gain regulatory approval for their merger.

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