Madrid - German energy giant Endesa was doubly celebrating Thursday after Spanish stock market regulator CNMV approved its 37.1- billion-euro (47.5-billion-dollars) takeover bid for Spanish power company Endesa and Endesa agreed to end its judicial blockade of the takeover process.
On Friday, Endesa was expected to withdraw its complaint against a rival bid from Spanish gas supplier Gas Natural, so that shareholders could choose between it and the higher bid by E.ON.
In the next 10 days, Endesa's board must come to a decision with regard to the takeover bids, and issue a recommendation to shareholders.
CNMV's green light to Endesa's bid comes after the Spanish government already relaxed strict conditions on Eon's takeover of Endesa at the behest of the European Union, including a previous requirement forcing the German utility to sell Endesa's nuclear and coal power plants.
The regulator approved the bid after E.ON handed over new documents explaining how it expected to comply with the revised conditions set by Spain.
The Spanish government had favoured the bid of Gas Natural over E.ON, hoping to create a national champion in the energy sector to protect the industry from foreign influence.