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Union Fenosa SA & Gas Natural SDG SA	Update Date: 11/27/08
Date Announced: 08/14/08
Value (million $USD): 1.28 billion U.S. Dollar 862.8 million EURO

Status: Pending

TRANSACTION DETAILS
Date Announced	08/14/08
Date Originally Announced	08/14/08
Format	Acq. Part. Int.	Acquisition techniques	Privately Negotiated Purc
Attitude	Neutral	Agency	n/a
Value	1.28 billion U.S. Dollar 862.8 million EURO	Advisor Fees	n/a

SYNOPSIS
SPAIN - Gas Natural SDG SA agreed to raise its interest to 50.456% from 45.306%, by acquiring a 5.15% stake, or 47.07 mil ordinary shares, in Union Fenosa SA, a Madrid-based provider of electric power services, from Caja de Ahorros del Mediterraneo SA {CAM}, for 18.33 euros ($27.136 US) per share, or a total value of 862.793 mil euros ($1.277 bil), in a privately negotiated transaction.

TARGET
Name	Union Fenosa SA (Madrid : UNF)
Industries	Natural gas liquids; Electric and other services combined; Telephone communications, except radiotelephone; Real estate investment trusts; Gas and other services combined
City	Madrid
State	n/a
Nation	Spain
Incorporated in	n/a
Public Status	Public
Business Description	Union Fenosa SA, located in Madrid, Spain, provides distribution and marketing of electric power services and operation of its components and equipment. The company was founded on February 10, 1912.
Advisors	NULL
Target Sales	10.35 billion U.S. Dollar 6.57 billion EURO

ACQUIROR
Name	Gas Natural SDG SA (Barcelona : GAS)
Industries	Natural gas distribution; Gas production and/or distribution; Gas and other services combined; Electric and other services combined
City	Barcelona
State	n/a
Nation	Spain
Incorporated in	n/a
Public Status	Public
Business Description	Gas Natural SDG SA, located in Barcelona, Spain, provides natural gas distribution services. The company's main activities are supplying and distributing natural gas in Spain, Latin America, Italy and France. It is also a major operator in the electricity generation and sales business in Spain, and in the sale of other energy products and services. The company was founded on January 28, 1943.
Advisors	UBS Investment Bank; BNP Paribas SA
Acquiror Sales	18.15 billion U.S. Dollar 11.52 billion EURO

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