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The likelihood of Gas Natural SDG SA launching a hostile bid for Iberdrola SA decreased as Spanish Economy Minister Rodrigo Rato expressed the government's disapproval of the deal. Gas Natural, which is owned 45% by Repsol YPF SA, had been considering a hostile bid for Iberdrola after the latter's board rejected its proposal for a friendly merger. However, Iberdrola accepted a merger offer from its larger competitor, Endesa SA, instead, citing a lack of a serious offer from Gas Natural.
Thursday, 19 October, 2000