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Spanish Utilities Announce Merger

October 17, 2000

MADRID, Spain (AP) _ Spain’s largest utilities, Endesa and Iberdrola, said Tuesday they’d agreed to a friendly merger that will create Europe’s fourth-largest electricity company in terms of stock market value.

The merged entity, to be called Endesa Iberdrola and headquartered in Madrid, will have a market capitalization of $31.1 billion, Endesa and Iberdrola said in a joint statement.

Iberdrola had been presented with a separate merger offer late Monday by Spanish natural gas company GasNatural, whose main shareholder is the Repsol YPF oil company.

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