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Aug. 18, 2008 / 1:21 PM

Gas Natural to acquire Union Fenosa shares

BARCELONA, Spain, Aug. 18 (UPI) -- Barcelona-based Gas Natural will acquire about 45 percent of Spanish utility Union Fenosa's shares.

The company announced it signed an agreement with Swiss financial services company UBS for the future acquisition.

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Gas Natural plans on purchasing 47.07 million Union Fenosa shares, equivalent to about 5.15 percent of Madrid-based Union Fenosa's voting rights.

Gas Natural is purchasing ACS's 45.3 percent holdings in Union Fenosa at nearly $27 per share.

The firm is interested in expanding its natural gas expertise into electricity expertise, which it plans to gain from Union Fenosa.

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